Investing.com - The pound remained near 10-month highs against the U.S. dollar on Wednesday, after the release of positive U.S. data, as a report showing that the rate of growth in the U.K. economy in the third quarter was in line with preliminary estimates still supported sterling.
GBP/USD hit 1.6330 during U.S. morning trade, the pair's highest since January 2; the pair subsequently consolidated at 1.6278, rising 0.38%.
Cable was likely to find support at 1.6175 and near-term resistance at 1.6338, the high of January 2.
The Office for National Statistics said its second estimate of U.K. third-quarter gross domestic product was unchanged at 0.8% quarter-on-quarter, while the annual rate of growth was also unchanged at 1.5%.
It was the fastest quarterly rate of growth in over three years.
The ONS said consumer spending rose by 0.8%, its fastest pace since the second quarter of 2010, while industrial output rose 0.6% on the quarter. Construction output was up 1.7%, less that the preliminary estimate.
In the U.S., the University of Michigan said its index of overall consumer sentiment was revised up to 75.1 in November from a preliminary estimate of 72.0. Economists had expected the index to be revised up to 73.5.
A separate report showed that manufacturing activity in the Chicago-area expanded at a faster rate than expected in November.
Earlier Wednesday, the Department of Labor said the number of individuals filing for initial jobless benefits last week declined by 10,000 to a two month low of 316,000. Economists had forecast an increase of 4,000. The jobs data was released one day early due to the U.S. holiday.
The upbeat data offset a report showing that U.S. durable goods orders fell 2% in October, worse than expectations for a 1.9% decline, while core durable goods orders were down 0.1%, compared to expectations for a 0.5% increase.
The data did little to change expectations that the Federal Reserve will start to taper stimulus at one of its next few meetings.
Sterling was also higher against the euro, with EUR/GBP shedding 0.31% to hit 0.8344.
Also Wednesday, the forward looking Gfk index of German consumer climate rose to a six year high of 7.4 for December from 7.1 in November. Economists had expected an unchanged reading.
Trade volumes remained thin ahead of the U.S. Thanksgiving holiday on Thursday.
GBP/USD hit 1.6330 during U.S. morning trade, the pair's highest since January 2; the pair subsequently consolidated at 1.6278, rising 0.38%.
Cable was likely to find support at 1.6175 and near-term resistance at 1.6338, the high of January 2.
The Office for National Statistics said its second estimate of U.K. third-quarter gross domestic product was unchanged at 0.8% quarter-on-quarter, while the annual rate of growth was also unchanged at 1.5%.
It was the fastest quarterly rate of growth in over three years.
The ONS said consumer spending rose by 0.8%, its fastest pace since the second quarter of 2010, while industrial output rose 0.6% on the quarter. Construction output was up 1.7%, less that the preliminary estimate.
In the U.S., the University of Michigan said its index of overall consumer sentiment was revised up to 75.1 in November from a preliminary estimate of 72.0. Economists had expected the index to be revised up to 73.5.
A separate report showed that manufacturing activity in the Chicago-area expanded at a faster rate than expected in November.
Earlier Wednesday, the Department of Labor said the number of individuals filing for initial jobless benefits last week declined by 10,000 to a two month low of 316,000. Economists had forecast an increase of 4,000. The jobs data was released one day early due to the U.S. holiday.
The upbeat data offset a report showing that U.S. durable goods orders fell 2% in October, worse than expectations for a 1.9% decline, while core durable goods orders were down 0.1%, compared to expectations for a 0.5% increase.
The data did little to change expectations that the Federal Reserve will start to taper stimulus at one of its next few meetings.
Sterling was also higher against the euro, with EUR/GBP shedding 0.31% to hit 0.8344.
Also Wednesday, the forward looking Gfk index of German consumer climate rose to a six year high of 7.4 for December from 7.1 in November. Economists had expected an unchanged reading.
Trade volumes remained thin ahead of the U.S. Thanksgiving holiday on Thursday.