Investing.com – The pound retreated from a 2-month high against the U.S. dollar on Wednesday, falling to a fresh daily low, following the release of worse-than-expected U.S. data on ADP non-farm payrolls.
GBP/USD retreated from 1.5938, the pair’s highest since August 9, to hit 1.5871 during European afternoon trade, shedding 0.11%.
Cable was likely to find support at 1.5751, Tuesday’s low and resistance at 1.5995, the high of August 9.
Earlier in the day, U.S. payroll processing firm ADP said non-farm private employment declined by a seasonally adjusted 39K in September, after rising by a revised 10K in August.
Analysts had expected non-farm private sector employment to increase by 18K in September.
The report said that the decline in private employment in September “confirms a pause in the economic recovery already evident in other data”.
The pound was also down against the euro, with EUR/GBP gaining 0.44% to hit 0.8746.
The data added to fears that the Federal Reserve would implement a fresh round of monetary easing in the coming months, to stimulate U.S. growth.
GBP/USD retreated from 1.5938, the pair’s highest since August 9, to hit 1.5871 during European afternoon trade, shedding 0.11%.
Cable was likely to find support at 1.5751, Tuesday’s low and resistance at 1.5995, the high of August 9.
Earlier in the day, U.S. payroll processing firm ADP said non-farm private employment declined by a seasonally adjusted 39K in September, after rising by a revised 10K in August.
Analysts had expected non-farm private sector employment to increase by 18K in September.
The report said that the decline in private employment in September “confirms a pause in the economic recovery already evident in other data”.
The pound was also down against the euro, with EUR/GBP gaining 0.44% to hit 0.8746.
The data added to fears that the Federal Reserve would implement a fresh round of monetary easing in the coming months, to stimulate U.S. growth.