Investing.com - The pound remained steady against the U.S. dollar on Wednesday, after official data showed that the number of people in the U.K. claiming unemployment benefits rose by the most in over a year in October and investors anticipated the Bank of England’s inflation report later in the session.
GBP/USD hit 1.5900 during European morning trade, the session high; the pair subsequently consolidated at 1.5889, gaining 0.16%.
Cable was likely to find support at 1.5856, Tuesday’s low and a two-month low and near-term resistance at 1.5914, Tuesday’s high.
The Office for National Statistics said that the U.K. claimant count rose by a seasonally adjusted 10,100 in October, the largest increase since September 2011, compared to expectations for a decline of 5,100.
The previous month’s figure was revised a gain of 800 people from a previously reported decline of 4,000.
However, the unemployment rate ticked down to 7.8% from 7.9% in September, against forecasts for an unchanged reading.
The report also said that the average earnings index rose by a seasonally adjusted 1.8% in October, below expectations for a 1.9% gain, after rising by 1.7% in the previous month.
The BoE was expected to raise its forecast for short-term inflation in its quarterly inflation report later Wednesday after official data on Tuesday showed that the annual rate of consumer price inflation in the U.K. accelerated to a five month high of 2.7% in October from 2.2% in September.
The pound was lower against the euro, with EUR/GBP rising 0.18% to 0.8018.
Later in the day, the U.S. was to produce government data on retail sales, producer price inflation and business inventories. In addition, the Federal Reserve was to publish the minutes of its most recent policy-setting meeting.
GBP/USD hit 1.5900 during European morning trade, the session high; the pair subsequently consolidated at 1.5889, gaining 0.16%.
Cable was likely to find support at 1.5856, Tuesday’s low and a two-month low and near-term resistance at 1.5914, Tuesday’s high.
The Office for National Statistics said that the U.K. claimant count rose by a seasonally adjusted 10,100 in October, the largest increase since September 2011, compared to expectations for a decline of 5,100.
The previous month’s figure was revised a gain of 800 people from a previously reported decline of 4,000.
However, the unemployment rate ticked down to 7.8% from 7.9% in September, against forecasts for an unchanged reading.
The report also said that the average earnings index rose by a seasonally adjusted 1.8% in October, below expectations for a 1.9% gain, after rising by 1.7% in the previous month.
The BoE was expected to raise its forecast for short-term inflation in its quarterly inflation report later Wednesday after official data on Tuesday showed that the annual rate of consumer price inflation in the U.K. accelerated to a five month high of 2.7% in October from 2.2% in September.
The pound was lower against the euro, with EUR/GBP rising 0.18% to 0.8018.
Later in the day, the U.S. was to produce government data on retail sales, producer price inflation and business inventories. In addition, the Federal Reserve was to publish the minutes of its most recent policy-setting meeting.