Forex - GBP/USD trims gains after ADP payrolls report
Investing.com
Published Mar 30, 2011 11:29AM ET
GBP/USD retreated from 1.6082, the pair’s highest since last Friday, to hit 1.6039 during U.S. morning trade, easing up 0.18%.
Cable was likely to find support at 1.5936, Monday’s low and a two-month low and resistance at 1.6141, last Friday’s high.
Earlier in the day, a survey by the Confederation of British Industry showed that retail sales growth picked up unexpectedly in March, but the underlying trend for sales remained weak.
The CBI distributive trades survey's sales balance rose to 15 in March from 6 in February. Analysts had forecast a reading of zero.
A separate report showed that Britain’s services companies grew the most in almost nine years in January as hotels and restaurants recovered after the coldest December in a century.
The Office for National Statistics said services, which account for three quarters of the economy, rose 1.3% from the previous month, when they shrank 1.1%.
The pound was also higher against the euro, with EUR/GBP shedding 0.36% to hit 0.8783.
Also Wednesday, the U.K.’s National Statistics Office said that Chancellor of the Exchequer George Osborne’s budget for the coming fiscal year will add an estimated 0.30% to the consumer price index, intensifying already-building inflationary pressures.
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Written By: Investing.com
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