🧐 ProPicks AI October update is out now! See which stocks made the listPick Stocks with AI

Forex - Pound slightly lower vs. stronger dollar

Published 11/21/2013, 05:01 AM
GBP/USD
-
EUR/GBP
-
Investing.com - The pound was slightly lower against the stronger dollar on Thursday after the minutes of the Federal Reserve’s latest meeting indicated that the bank could start reducing stimulus in the next few months.

GBP/USD edged down 0.007% to 1.6092 from Wednesday’s close of 1.6103 after falling as low as 1.6073 earlier.

Cable was likely to find support at 1.6047, the low of November 15 and resistance at 1.6150.

Demand for the dollar was underpinned after the minutes of the Fed’s October meeting indicated that policymakers could start scaling back the USD85 billion-a-month asset purchase program in the “coming months” if the economy continues to improve as expected.

The pound found support after data released on Thursday showed that the U.K. public sector finances improved last month.

The Office for National Statistics said the public deficit fell to GBP8.078 billion in October from GBP8.242 billion a year earlier.

Elsewhere, sterling was almost unchanged against the euro, with EUR/GBP dipping 0.01% to 0.8344.

In the euro zone, data on Thursday showed that manufacturing activity expanded in line with forecasts in November, but service sector activity declined unexpectedly, indicating that the recovery in the bloc is losing momentum.

The euro zone’s manufacturing purchasing managers’ index ticked up to 51.5 in November from a final reading of 51.3 in October.

The currency bloc’s services PMI declined to 50.9 this month from 51.6 in October, disappointing expectations for an increase to 51.9.

The euro found some support after Germany's manufacturing PMI rose to a 29 month high of 52.5 in November, from 51.7 in October, while the services sector PMI rose to a nine-month high of 54.5 from 52.9.

Meanwhile, weaker-than-expected French data indicated that activity in the euro zone’s second-largest economy contracted for the first time in three months in November.




Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.