Investing.com - The pound slipped to a one-week low against the U.S. dollar on Friday, after the release of mixed U.S. economic reports, as downbeat U.K. manufacuring production data and overall concerns over the the euro zone's debt crisis dampened market sentiment.
GBP/USD hit 1.6003 during U.S. morning trade, the pair's lowest since November 30; the pair subsequently consolidated at 1.6019, slipping 0.20%.
Cable was likely to find support at 1.5962, the low of November 28 and resistance at 1.6086, the high of October 30.
The University of Michigan said that its index of consumer sentiment fell to a seasonally adjusted 74.5 in December from a reading of 82.7 the previous month.
Analysts had expected the index to fall to 82.4 this month.
Separately, the U.S. Department of Labor said the economy added 146,000 jobs in November, after a downwardly revised 138,000 increase the previous month, beating expectations for a 93,000 rise.
The report also showed that the U.S. unemployment rate ticked down to 7.5% in November from 7.9% the previous month, beating expectations for the rate to remain unchanged.
In the U.K., official data earlier showed that manufacturing production dropped 1.3% in October, far more than the expected 0.2% fall, after a 0.1% rise the previous month.
Industrial production in the U.K. declined unexpectedly in October, falling 0.8% after a 2.1% drop the previous month. Analysts had expected industrial production to rise 0.7% in October.
Meanwhile, sentiment on the euro remained fragile after the Bundesbank cut its 2013 growth projection to 0.4% from the 1.6% predicted in June and said the German economy will grow 0.7% this year, down from its previous forecast of 1%.
The announcement came after European Central Bank President Mario Draghi on Thursday said that risks to the outlook remain weighted to the downside.
The pound was fractionally higher against the euro with EUR/GBP inching down 0.09%, to hit 0.8071.
Also Friday, official data showed that industrial production in Germany dropped 2.6% in October, far more than the expected 0.2% fall, following a 1.3% decline the previous month.
GBP/USD hit 1.6003 during U.S. morning trade, the pair's lowest since November 30; the pair subsequently consolidated at 1.6019, slipping 0.20%.
Cable was likely to find support at 1.5962, the low of November 28 and resistance at 1.6086, the high of October 30.
The University of Michigan said that its index of consumer sentiment fell to a seasonally adjusted 74.5 in December from a reading of 82.7 the previous month.
Analysts had expected the index to fall to 82.4 this month.
Separately, the U.S. Department of Labor said the economy added 146,000 jobs in November, after a downwardly revised 138,000 increase the previous month, beating expectations for a 93,000 rise.
The report also showed that the U.S. unemployment rate ticked down to 7.5% in November from 7.9% the previous month, beating expectations for the rate to remain unchanged.
In the U.K., official data earlier showed that manufacturing production dropped 1.3% in October, far more than the expected 0.2% fall, after a 0.1% rise the previous month.
Industrial production in the U.K. declined unexpectedly in October, falling 0.8% after a 2.1% drop the previous month. Analysts had expected industrial production to rise 0.7% in October.
Meanwhile, sentiment on the euro remained fragile after the Bundesbank cut its 2013 growth projection to 0.4% from the 1.6% predicted in June and said the German economy will grow 0.7% this year, down from its previous forecast of 1%.
The announcement came after European Central Bank President Mario Draghi on Thursday said that risks to the outlook remain weighted to the downside.
The pound was fractionally higher against the euro with EUR/GBP inching down 0.09%, to hit 0.8071.
Also Friday, official data showed that industrial production in Germany dropped 2.6% in October, far more than the expected 0.2% fall, following a 1.3% decline the previous month.