Investing.com – The pound trimmed losses against the U.S. dollar on Monday, retreating from the daily low following the release of mixed U.S. data on manufacturing and retail sales.
GBP/USD retreated from 1.6041, the daily low, to hit 1.6079 during European afternoon trade, shedding 0.20%.
Cable was likely to find support at 1.5960, the low of November 10 and resistance at 1.6212, the high of November 8.
Earlier in the day, official data showed that the New York Federal Reserves index of manufacturing conditions dropped significantly more-than-expected in November, falling below zero for the first time since mid-2009.
The Federal Reserve Bank of New York said that its general business conditions index tumbled to -11.1 in November, after rising to 15.7 in October. Analysts had expected the index to decline to 11.7 in November.
On the index, a reading above 0.0 indicates improving conditions, below indicates worsening conditions.
Meanwhile, a separate report showed that retail sales in the U.S. rose more-than-expected in October.
Retail sales rose by a seasonally adjusted 1.2% in October, after rising by a revised 0.7% in September. Analysts had expected retail sales to increase by 0.7% in October. Core retail sales, which exclude automobile sales, rose in line with expectations.
Meanwhile, the pound was up against the euro, with EUR/GBP shedding 0.35% to hit 0.8465.
Also Monday, U.K. property website Rightmove said that asking prices for houses in November suffered their largest monthly drop since December 2007.
Rightmove's House Price Index found asking prices down 3.2% on the month but up 1.3% on the year in November, having risen 2.9% on the year in October.
GBP/USD retreated from 1.6041, the daily low, to hit 1.6079 during European afternoon trade, shedding 0.20%.
Cable was likely to find support at 1.5960, the low of November 10 and resistance at 1.6212, the high of November 8.
Earlier in the day, official data showed that the New York Federal Reserves index of manufacturing conditions dropped significantly more-than-expected in November, falling below zero for the first time since mid-2009.
The Federal Reserve Bank of New York said that its general business conditions index tumbled to -11.1 in November, after rising to 15.7 in October. Analysts had expected the index to decline to 11.7 in November.
On the index, a reading above 0.0 indicates improving conditions, below indicates worsening conditions.
Meanwhile, a separate report showed that retail sales in the U.S. rose more-than-expected in October.
Retail sales rose by a seasonally adjusted 1.2% in October, after rising by a revised 0.7% in September. Analysts had expected retail sales to increase by 0.7% in October. Core retail sales, which exclude automobile sales, rose in line with expectations.
Meanwhile, the pound was up against the euro, with EUR/GBP shedding 0.35% to hit 0.8465.
Also Monday, U.K. property website Rightmove said that asking prices for houses in November suffered their largest monthly drop since December 2007.
Rightmove's House Price Index found asking prices down 3.2% on the month but up 1.3% on the year in November, having risen 2.9% on the year in October.