Investing.com - The pound trimmed gains against the U.S. dollar on Thursday, retreating from an 8-month high, following the release of mixed U.S. data on initial jobless claims and inflation.
GBP/USD retreated from 1.6066, the pair’s highest since February 3, to hit 1.5987 during European afternoon trade, gaining 0.58%.
Cable was likely to find support at 1.5773, Wednesday’s low and resistance at 1.6275, the high of January 28.
Earlier in the day, official data showed that while U.S. initial jobless claims rose more-than-expected last week, producer price inflation also rose-more-than expected.
In a report, the Department of Labor said the number of individuals filing for initial jobless benefits in the week ending October 9 rose to a seasonally adjusted 462K, after falling to a revised 449K in the preceding week. Analysts had expected claims to increase to 449K.
Meanwhile, a seperate report by the Bureau of Labor Statistics said that PPI rose by a seasonally adjusted 0.4% in September, after rising by 0.4% in August. Analysts had expected PPI to increase by 0.2% in September.
Meanwhile, the pound was down against the euro, with EUR/GBP gaining 0.12% to hit 0.8793.
Earlier Thursday, Singapore’s central bank unexpectedly tightened monetary policy, broadening the range of the Singapore dollar's trading band. The move increased pressure on the U.S. dollar which has weakened amid expectations that the Federal Reserve could begin to implement further monetary easing as soon as next month.
GBP/USD retreated from 1.6066, the pair’s highest since February 3, to hit 1.5987 during European afternoon trade, gaining 0.58%.
Cable was likely to find support at 1.5773, Wednesday’s low and resistance at 1.6275, the high of January 28.
Earlier in the day, official data showed that while U.S. initial jobless claims rose more-than-expected last week, producer price inflation also rose-more-than expected.
In a report, the Department of Labor said the number of individuals filing for initial jobless benefits in the week ending October 9 rose to a seasonally adjusted 462K, after falling to a revised 449K in the preceding week. Analysts had expected claims to increase to 449K.
Meanwhile, a seperate report by the Bureau of Labor Statistics said that PPI rose by a seasonally adjusted 0.4% in September, after rising by 0.4% in August. Analysts had expected PPI to increase by 0.2% in September.
Meanwhile, the pound was down against the euro, with EUR/GBP gaining 0.12% to hit 0.8793.
Earlier Thursday, Singapore’s central bank unexpectedly tightened monetary policy, broadening the range of the Singapore dollar's trading band. The move increased pressure on the U.S. dollar which has weakened amid expectations that the Federal Reserve could begin to implement further monetary easing as soon as next month.