Forex - GBP/USD steady after U.K. data, U.S. vote ahead 6 - 11
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Forexpros - The pound remained steady close to an eight day low against the U.S. dollar on Tuesday, following soft U.K. manufacturing data, as investors stayed on the sidelines amid uncertainty over the outcome of U.S. presidential elections.
GBP/USD hit 1.5965 during European morning trade, the session low; the pair subsequently consolidated at 1.5978, inching down 0.01%.
Cable was likely to find support at 1.5912, the low of October 23 and resistance at 1.6038, Monday’s high.
The Office for National Statistics said U.K. manufacturing production inched up by 0.1% in September, missing expectations for a 0.3% increase.
Industrial production declined 1.7% in September, compared to expectations for a 0.6% drop, after falling by 0.5% in August.
The weak data reinforced concerns that the U.K. economic recovery will falter towards the end of the year, after data last month showed that the economy exited a recession in the third quarter.
Earlier Tuesday, U.K. mortgage lender Halifax said house prices declined 0.7% in September, defying expectations for a 0.5% increase.
Market participants remained cautious ahead of the start of voting in the U.S. presidential elections later in the day, with opinion polls pointing to a tight race between incumbent President Barack Obama and Republican contender Mitt Romney.
Investors were also eyeing Wednesday’s parliamentary vote in Greece on new austerity measures needed in order for Athens to secure its next installment of international aid.
The pound was little changed against the euro, with EUR/GBP dipping 0.03% to 0.8005.
Data earlier showed that the final euro zone services purchasing managers’ index declined to 46.0 in October, down from a preliminary reading of 46.2, the fastest pace of contraction since July 2009, as output continued to contract in the region’s top four economies.
Later Tuesday, Germany was to produce official data on factory orders.
Hello and welcome in a blog breaking news Alfrux
Breaking news Forex currency market, forex market GMT. Forex traders
Urgent and exclusive news about the trade and the latest news currency and
currency rates, explanations profit of Alfrux, SEC
Breaking forex news
Forexpros - The pound remained steady close to an eight day low against the U.S. dollar on Tuesday, following soft U.K. manufacturing data, as investors stayed on the sidelines amid uncertainty over the outcome of U.S. presidential elections.
GBP/USD hit 1.5965 during European morning trade, the session low; the pair subsequently consolidated at 1.5978, inching down 0.01%.
Cable was likely to find support at 1.5912, the low of October 23 and resistance at 1.6038, Monday’s high.
The Office for National Statistics said U.K. manufacturing production inched up by 0.1% in September, missing expectations for a 0.3% increase.
Industrial production declined 1.7% in September, compared to expectations for a 0.6% drop, after falling by 0.5% in August.
The weak data reinforced concerns that the U.K. economic recovery will falter towards the end of the year, after data last month showed that the economy exited a recession in the third quarter.
Earlier Tuesday, U.K. mortgage lender Halifax said house prices declined 0.7% in September, defying expectations for a 0.5% increase.
Market participants remained cautious ahead of the start of voting in the U.S. presidential elections later in the day, with opinion polls pointing to a tight race between incumbent President Barack Obama and Republican contender Mitt Romney.
Investors were also eyeing Wednesday’s parliamentary vote in Greece on new austerity measures needed in order for Athens to secure its next installment of international aid.
The pound was little changed against the euro, with EUR/GBP dipping 0.03% to 0.8005.
Data earlier showed that the final euro zone services purchasing managers’ index declined to 46.0 in October, down from a preliminary reading of 46.2, the fastest pace of contraction since July 2009, as output continued to contract in the region’s top four economies.
Later Tuesday, Germany was to produce official data on factory orders.
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