Investing.com – The pound trimmed losses against the U.S. dollar on Wednesday, rebounding from a daily low, after a flurry of mixed U.S. economic data.
GBP/USD hit 1.5530 during European afternoon trade, shedding 0.04% after clawing back up from a daily low of 1.5450.
Cable was likely to find support at 1.5347, Tuesday’s low, and resistance at 1.5597, the high of August 26.
Earlier in the day, the U.S. Federal Reserve said that industrial production declined by a seasonally adjusted 0.2% in August, after falling by a revised 0.6% in July.
Analysts had expected industrial production to decline by 0.3% in August.
The report also said the capacity utilization rate fell unexpectedly in August.
Meanwhile, separate data showed that an index of manufacturing conditions in New York State fell more-than-expected in September, while import prices increased more-than-expected in August, rising for a second consecutive month.
Meanwhile, the pound was up against the euro, with EUR/GBP shedding 0.13% to hit 0.8353.
Earlier Wednesday, official data showed that U.K. jobless claims increased more-than-expected in August, rising for the first time in 7 months.
GBP/USD hit 1.5530 during European afternoon trade, shedding 0.04% after clawing back up from a daily low of 1.5450.
Cable was likely to find support at 1.5347, Tuesday’s low, and resistance at 1.5597, the high of August 26.
Earlier in the day, the U.S. Federal Reserve said that industrial production declined by a seasonally adjusted 0.2% in August, after falling by a revised 0.6% in July.
Analysts had expected industrial production to decline by 0.3% in August.
The report also said the capacity utilization rate fell unexpectedly in August.
Meanwhile, separate data showed that an index of manufacturing conditions in New York State fell more-than-expected in September, while import prices increased more-than-expected in August, rising for a second consecutive month.
Meanwhile, the pound was up against the euro, with EUR/GBP shedding 0.13% to hit 0.8353.
Earlier Wednesday, official data showed that U.K. jobless claims increased more-than-expected in August, rising for the first time in 7 months.