Investing.com - " The pound remained moderately lower against
the U.S. dollar on Friday, but losses were limited as the release
of weak U.S. consumer sentiment data added to speculation that the
Federal Reserve will hold back from tapering its asset purchases
GBP/USD hit 1.6167 during U.S. morning trade, the session low; the
pair subsequently consolidated at 1.6184, edging down 0.12%.
Cable was likely to find support at 1.6030, the low of September 27
and short-term resistance at 1.6257, the high of October 23.
In a revised report, the Universtiy of Michigan said its consumer
sentiment index fell to 73.2 this month, from a reading of 75.2 in
September, compared to expectations for a downtick to 75.0.
The University of Michigan also said inflation expectations ticked
up to 3.0% in October, from 2.9% the previous month.
The data came after the Census Bureau said that U.S. core durable
goods orders, which exclude transportation items, fell 0.1% in
September, confounding expectations for a 0.5% rise, after a 0.1%
decline the previous month.
U.S. durable goods orders rose 3.7% last month, exceeding
expectations for a 2% increase, after a 0.1% rise in August.
The dollar came under broad selling pressure this week after
disappointing U.S. employment reports added to expectations that
the Fed will delay tapering its stimulus program until next year
amid concerns over the impact of the 16-day U.S. government
shutdown on the economic recovery.
On Thursday, the U.S. Department of Labor said the number of
individuals filing for initial jobless benefits declined by a lower
than expected 12,000 last week to 350,000, while a separate report
earlier in the week showed that U.S. jobs growth slowed in
In the U.K., preliminary data earlier showed that the U.K. gross
domestic product rose 0.8% in the third quarter, in line with
expectations and up from 0.7% in the previous quarter.
Sterling was lower against the euro with EUR/GBP adding 0.14%, to
Also Friday, the Ifo Institute for Economic Research said Germany's
business climate index fell to 107.4 in October, from a reading of
107.7 the previous month, confounding expectations for a rise to
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