Forex - GBP/USD erases losses but U.K. data still weighs
Investing.com
Published Jan 10, 2014 10:14AM ET
Pound turns higher against dollar
GBP/USD pulled away from 1.6382, the pair's lowest since January 8, to hit 1.6498 during U.S. morning trade, edging up 0.10%.
Cable was likely to find support at 1.6338, the low of January 6 and resistance at 1.6498, Thursday's high.
The greenback came under pressure after official data showed that the U.S. economy added 74,000 jobs in December, compared to expectations for a 196,000 increase, after an upwardly revised 241,000 rise the previous month.
The U.S. private sector added 87,000 jobs last month, disappointing expectations for 195,000 rise, after an upwardly increase of 226,000 in November.
The report also showed that the U.S. unemployment rate fell to 6.7% in December, from 7.0% in November. Analysts had expected the rate to remain unchanged last month.
Earlier Friday, data showed that U.K. manufacturing production was flat in November, disappointing expectations for a 0.4% rise, after a downwardly revised 0.2% uptick the previous month.
Sterling was lower against the euro, with EUR/GBP climbing 0.40% to 0.8289.
In the euro zone, official data showed that industrial production in France climbed 1.3% in November, exceeding expectations for a 0.4% rise, after a downwardly revised 0.5% decline the previous month.
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Written By: Investing.com
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