Investing.com – The pound was up against the broadly weaker U.S. dollar on Thursday, after U.S. government data showed that U.S jobless claims rose unexpectedly last week, while producer price inflation rose less-than-expected in March.
GBP/USD hit 1.6364 during early U.S. trade, the pair’s highest since April 11; the pair subsequently consolidated at 1.6341, gaining 0.45%.
Cable was likely to find support at 1.6236, Wednesday’s low and resistance at 1.6425, Monday’s high and a 15-month high.
The Department of Labor said initial claims for state unemployment benefits rose 27,000 to a seasonally adjusted 412,000. The prior week's figure was revised up to 385,000 from the previously reported 382,000. Analysts had expected jobless claims to slip to 380,000.
A separate report showed that producer price inflation rose 0.7% last month, after rising by 1.6% in February, as higher prices for energy and motor vehicles compensated for declining food prices. Analysts had expected PPI to rise by 0.1% in March.
Core inflation, which excludes volatile food and energy costs, increased 0.3%, slightly more than the 0.2% estimated gain.
The pound was also higher against the euro, with EUR/GBP shedding 0.38% to hit 0.8843.
Earlier Thursday, Nationwide Building Society said its U.K. consumer confidence index rebounded last month, from a record low in February.
GBP/USD hit 1.6364 during early U.S. trade, the pair’s highest since April 11; the pair subsequently consolidated at 1.6341, gaining 0.45%.
Cable was likely to find support at 1.6236, Wednesday’s low and resistance at 1.6425, Monday’s high and a 15-month high.
The Department of Labor said initial claims for state unemployment benefits rose 27,000 to a seasonally adjusted 412,000. The prior week's figure was revised up to 385,000 from the previously reported 382,000. Analysts had expected jobless claims to slip to 380,000.
A separate report showed that producer price inflation rose 0.7% last month, after rising by 1.6% in February, as higher prices for energy and motor vehicles compensated for declining food prices. Analysts had expected PPI to rise by 0.1% in March.
Core inflation, which excludes volatile food and energy costs, increased 0.3%, slightly more than the 0.2% estimated gain.
The pound was also higher against the euro, with EUR/GBP shedding 0.38% to hit 0.8843.
Earlier Thursday, Nationwide Building Society said its U.K. consumer confidence index rebounded last month, from a record low in February.