Investing.com – The pound fell to a two-week low against the U.S. dollar on Thursday, after data showing that U.S. initial jobless claims jumped to an eight-month high last week added to the overall sense of risk aversion in markets.
GBP/USD hit 1.6415 during U.S. morning trade, the pair’s lowest since April 21; the pair subsequently consolidated at 1.6418, shedding 0.44%.
The pair was likely to find support at 1.6306, the low of April 20 and resistance at 1.6573, Wednesday’s high.
The U.S. Department of Labor said that the number of people filing for new jobless claims in the week ending April 30 rose by 43,000 to a seasonally adjusted 474K, confounding expectations for a fall to 400K.
Earlier in the day, the Bank of England kept its key interest rate at 0.5%, in a widely expected move amid concerns over the strength of the U.K.’s economic recovery.
The decision came after the Markit/CIPS U.K. services purchasing managers’ index slid to 54.3 in April from 57.1 the previous month, staying in positive territory for a fourth straight month, but undershooting the 55.7 forecast.
Data on Wednesday showed that lending to British consumers and homebuyers rose less-than-expected in March and U.K. house prices fell at their fastest pace since November.
Meanwhile, the pound was higher against the euro, with EUR/GBP tumbling 0.81% to hit 0.8918.
Later Thursday, U.S. Federal Reserve Chairman Ben Bernanke was to speak.
GBP/USD hit 1.6415 during U.S. morning trade, the pair’s lowest since April 21; the pair subsequently consolidated at 1.6418, shedding 0.44%.
The pair was likely to find support at 1.6306, the low of April 20 and resistance at 1.6573, Wednesday’s high.
The U.S. Department of Labor said that the number of people filing for new jobless claims in the week ending April 30 rose by 43,000 to a seasonally adjusted 474K, confounding expectations for a fall to 400K.
Earlier in the day, the Bank of England kept its key interest rate at 0.5%, in a widely expected move amid concerns over the strength of the U.K.’s economic recovery.
The decision came after the Markit/CIPS U.K. services purchasing managers’ index slid to 54.3 in April from 57.1 the previous month, staying in positive territory for a fourth straight month, but undershooting the 55.7 forecast.
Data on Wednesday showed that lending to British consumers and homebuyers rose less-than-expected in March and U.K. house prices fell at their fastest pace since November.
Meanwhile, the pound was higher against the euro, with EUR/GBP tumbling 0.81% to hit 0.8918.
Later Thursday, U.S. Federal Reserve Chairman Ben Bernanke was to speak.