Investing.com - The pound remained steady against the U.S. dollar on Wednesday, hovering close to a three-week low after data showed that the U.S. private sector added more jobs than forecast last month.
GBP/USD hit 1.6084 during European afternoon trade, the pair’s lowest since September 13; the pair subsequently consolidated at 1.6100, shedding 0.19%.
Cable was likely to find near-term support at 1.6062, the low of September 12 and resistance at 1.6141, the session high.
Payroll processing firm ADP said U.S. non-farm private employment increased by a seasonally adjusted 162,000 in September, surpassing expectations for an increase of 143,000.
The previous month’s figure was revised down to a gain of 189,000 from a previously reported increase of 201,000.
Sterling remained under pressure after data showed that the U.K. service sector shed jobs for the first time in 10 months in September as growth slowed; undermining hopes for a sustained recovery in the recession hit economy.
The Markit/CIPS U.K. services PMI fell to 52.2 in September from 53.7 in August, against expectations for a reading of 53.1.
The data came as weak service sector data out of the euro zone and China fuelled concerns over the global economic outlook and dampened investor demand for higher-yielding assets.
Meanwhile, uncertainty over the timing of a Spanish bailout persisted after the country’s prime minister said Tuesday that a request for aid was not imminent, despite ongoing speculation that Madrid is moving closer to requesting external financial aid.
The pound was slightly lower against the euro, with EUR/GBP easing up 0.12% to 0.8017.
Later in the day, the Institute of Supply Management was to produce data on U.S. service sector activity.
GBP/USD hit 1.6084 during European afternoon trade, the pair’s lowest since September 13; the pair subsequently consolidated at 1.6100, shedding 0.19%.
Cable was likely to find near-term support at 1.6062, the low of September 12 and resistance at 1.6141, the session high.
Payroll processing firm ADP said U.S. non-farm private employment increased by a seasonally adjusted 162,000 in September, surpassing expectations for an increase of 143,000.
The previous month’s figure was revised down to a gain of 189,000 from a previously reported increase of 201,000.
Sterling remained under pressure after data showed that the U.K. service sector shed jobs for the first time in 10 months in September as growth slowed; undermining hopes for a sustained recovery in the recession hit economy.
The Markit/CIPS U.K. services PMI fell to 52.2 in September from 53.7 in August, against expectations for a reading of 53.1.
The data came as weak service sector data out of the euro zone and China fuelled concerns over the global economic outlook and dampened investor demand for higher-yielding assets.
Meanwhile, uncertainty over the timing of a Spanish bailout persisted after the country’s prime minister said Tuesday that a request for aid was not imminent, despite ongoing speculation that Madrid is moving closer to requesting external financial aid.
The pound was slightly lower against the euro, with EUR/GBP easing up 0.12% to 0.8017.
Later in the day, the Institute of Supply Management was to produce data on U.S. service sector activity.