Investing.com - The pound remained steady against the U.S. dollar on Monday, following the release of mixed U.S. economic data, as uncertainty over Spain’s position on requesting a bailout dominated market sentiment.
GBP/USD hit 1.6022 during European afternoon trade, the session low; the pair subsequently consolidated at 1.6058, slipping 0.10%.
Cable was likely to find support at 1.5983, Thursday’s low and resistance at 1.6141, the high of October 8.
The Commerce Department said U.S. retail sales rose by a seasonally adjusted 1.1% in September, beating expectations for a 0.8% increase.
Retail sales in August were revised up to a 1.2% gain from a previously reported increase of 0.9%.
Core retail sales, which exclude automobile sales, rose by 1.1%, outstripping expectations for a 0.6% increase.
A separate report showed that the New York Federal Reserve’s index of manufacturing conditions improved to minus 6.2 in October from minus 10.4 the previous month, but remained in contraction territory for the third consecutive month.
Investors remained cautious amid some disappointment in markets after Madrid did not request financial aid over the weekend and a request for a bailout is now seen as increasingly unlikely ahead of regional elections on October 21.
Elsewhere in the euro zone, uncertainty over when Greece will receive its next tranche of financial aid remained a source of concern.
Sterling came off session low against the greenback earlier in the session after better-than-expected Chinese trade data eased concerns over a slowdown in the world’s second largest economy.
The pound was fractionally lower against the euro, with EUR/GBP easing up 0.09% to 0.8066.
Later in the day, the U.S. was to release official data on business inventories.
GBP/USD hit 1.6022 during European afternoon trade, the session low; the pair subsequently consolidated at 1.6058, slipping 0.10%.
Cable was likely to find support at 1.5983, Thursday’s low and resistance at 1.6141, the high of October 8.
The Commerce Department said U.S. retail sales rose by a seasonally adjusted 1.1% in September, beating expectations for a 0.8% increase.
Retail sales in August were revised up to a 1.2% gain from a previously reported increase of 0.9%.
Core retail sales, which exclude automobile sales, rose by 1.1%, outstripping expectations for a 0.6% increase.
A separate report showed that the New York Federal Reserve’s index of manufacturing conditions improved to minus 6.2 in October from minus 10.4 the previous month, but remained in contraction territory for the third consecutive month.
Investors remained cautious amid some disappointment in markets after Madrid did not request financial aid over the weekend and a request for a bailout is now seen as increasingly unlikely ahead of regional elections on October 21.
Elsewhere in the euro zone, uncertainty over when Greece will receive its next tranche of financial aid remained a source of concern.
Sterling came off session low against the greenback earlier in the session after better-than-expected Chinese trade data eased concerns over a slowdown in the world’s second largest economy.
The pound was fractionally lower against the euro, with EUR/GBP easing up 0.09% to 0.8066.
Later in the day, the U.S. was to release official data on business inventories.