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COZfx: GBP/USD trading near 1-week lows

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COZfx: GBP/USD trading near 1-week lows

Postby dwang » Fri Jan 03, 2014 2:15 am

COZforex: The pound was trading near one-week lows against the US dollar on Thursday, as demand for the safe-haven greenback remained supported after the release of mixed US economic reports.

GBP/USD hit 1.6414 amid US morning trade, the pair's lowest since Decener 27; the pair subsequently consolidated at 1.6442, declining 0.71%. In technical analysis, COZforex senior currency strategist Ian • Quigley said, GBP/USD is predicted to find support at 1.6549, and a drop through could take it to the next support line of 1.651. Meanwhile, the pair is predicted to find its first resistance at 1.6611, and a rise through could take it to the next resistance line of 1.6634.

In a report, the Institute for Supply Management said its index of purchasing managers dipped to 57.0 last month from a reading of 57.3 in November, still holding near the fastest rate since April 2011.

The greenback strengthened earlier, after the US Department of Labor said the number of individuals filing for initial jobless benefits in the week ending December 28 declined by 2,000 to a seasonally adjusted 339,000.

Analysts had expected US jobless claims to dropped by 7,000 to 334,000 last week from the previous week’s revised total of 341,000.

Earlier Thursday, Markit said the UK manufacturing PMI declined to 57.3 last month from a reading of 58.1 in November. Analysts had expected the manufacturing PMI to ease down to 58.0 in December.

In the euro zone, Markit research group said its final manufacturing purchasing managers' index for the bloc remained unchanged at 52.7 last month, in line with expectations.

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