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Forex - GBP/USD trims losses after weak U.S. durables data

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Forex Pros - The pound trimmed losses against the U.S. dollar on Thursday, following a report showing that U.S. durable goods orders tumbled in February, a worse-than-expected result and the third fall in the past four months.

GBP/USD clawed back up from 1.6138, the pair's lowest since last Friday, to hit 1.6187 during early U.S. trade, shedding 0.28%.

Cable was likely to find support at 1.6059, the low of March 18 and resistance at 1.6384, Wednesday's high.

The Commerce Department said manufacturers' orders for goods designed to last at least three years fell 0.9% last month, confounding expectations for a 1.8% gain.

Orders for commercial aircraft and parts jumped 26.7% but excluding transportation, durable goods orders fell 0.6%.

In a separate report, the U.S. Department of Labor said initial jobless claims fell to a seasonally adjusted 382K last week, from an upwardly revised 387K in the preceding week. Analysts had expected initial jobless claims to fall to 384K.

The pound was also lower against the euro, with EUR/GBP jumping 1.03% to hit 0.8767.

Also Thursday, official data showed that retail sales in the U.K. fell more-than-expected in February, underlining concerns over the uneven nature of the country's economic recovery, while ratings agency Moody's said the downside risks to growth could endanger the UK's triple-A credit rating.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.


The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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