Forex - GBP/USD erases losses, U.K. data supports
Published Jun 11, 2013 10:34AM ET
GBP/USD pulled away from 1.5521, the session low, to hit 1.5620 during U.S. morning trade, rising 0.31%.
Cable was likely to find support at 1.5496, Monday's low and resistance at 1.5684, the high of June 6 and a multi-month high.
Speculation that the U.S. central bank will begin to taper its asset purchase program continued following Friday’s upbeat jobs data and after ratings agency Standard & Poor’s revised its long-term outlook on the U.S. credit rating to stable from negative on Monday, citing an improving economic outlook.
In the U.K., official data showed that manufacturing production in the U.K. fell less than expected in April, and industrial production ticked higher.
The Office for National Statistics said that manufacturing production fell by 0.2% in April, compared to expectations for a 0.3% decline.
On an annual basis manufacturing production was 0.5% lower, more than expectations for a 0.4% decline.
Industrial production rose for the third successive month in April, climbing 0.1% compared to expectations for a flat reading, after rising 0.7% in March.
Sterling was steady against the euro with EUR/GBP inching up 0.01%, to hit 0.8511.
In the euro zone, Germany’s Constitutional Court was holding a hearing on the constitutionality of the European Central Bank’s bond buying scheme.
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Written By: Investing.com
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