Breaking News
Get Actionable Insights with InvestingPro+: Start 7 Day FREE Trial Register here
Investing Pro 0
Ad-Free Version. Upgrade your Investing.com experience. Save up to 40% More details

Forex - GBP/USD holds steady, close to one-week high

ForexOct 05, 2012 10:59AM ET
Saved. See Saved Items.
This article has already been saved in your Saved Items
 
Investing.com - The pound held steady against the U.S. dollar on Friday, trading close to a one-week high as risk sentiment was boosted by upbeat U.S. employment data, while invesors continued to focus on developments in Spain and in Greece.

GBP/USD hit 1.6217 during U.S. morning trade, the pair's highest since September 28; the pair subsequently consolidated at 1.6188, dipping 0.01%.

Cable was likely to find support at 1.6118, the low of September 30 and resistance at 1.6272, the high of September 28.

The Department of Labor said that the U.S. unemployment rate fell unexpectedly to 7.8% in September, the lowest level in four years, from 8.1% the previous month.

Analysts had expected the unemployment rate to tick up to 8.2% in September.

The report also showed that the U.S. economy added 114,000 jobs in September, beating expectations for a 113,000 increase, following a 142,000 rise the previous month.

Meanwhile, markets continued to eye developments in Spain after a European Union official said that a possible bailout is not imminent, as concerns grow over the country’s ability to reach its deficit-reduction targets.

On Thursday, Spanish Economy Minister Luis de Guindos said that no bailout was needed, a few hours after European Central Bank President Mario Draghi reiterated that the bank was ready to start purchasing the debt of troubled euro zone states.

Sterling was lower against the euro with EUR/GBP rising 0.29%, to hit 0.8063.

In addition, Greek officials were expected to meet on Saturday with members of the Troika, led by the European Commission, the European Central Bank and the International Monetary Fun, with hopes of securing a deal on reforms that would allow fresh aid to the country.


Forex - GBP/USD holds steady, close to one-week high
 

Related Articles

Dollar Stable; Safe Haven Remains Near 20-Year High
Dollar Stable; Safe Haven Remains Near 20-Year High By Investing.com - May 16, 2022

By Peter Nurse Investing.com - The U.S. dollar held firm in early European trade Monday, just off a 20-year high as traders sought out this safe haven amid concerns of slowing...

Add a Comment

Comment Guidelines

We encourage you to use comments to engage with other users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind:  

  •            Enrich the conversation, don’t trash it.

  •           Stay focused and on track. Only post material that’s relevant to the topic being discussed. 

  •           Be respectful. Even negative opinions can be framed positively and diplomatically. Avoid profanity, slander or personal attacks directed at an author or another user. Racism, sexism and other forms of discrimination will not be tolerated.

  • Use standard writing style. Include punctuation and upper and lower cases. Comments that are written in all caps and contain excessive use of symbols will be removed.
  • NOTE: Spam and/or promotional messages and comments containing links will be removed. Phone numbers, email addresses, links to personal or business websites, Skype/Telegram/WhatsApp etc. addresses (including links to groups) will also be removed; self-promotional material or business-related solicitations or PR (ie, contact me for signals/advice etc.), and/or any other comment that contains personal contact specifcs or advertising will be removed as well. In addition, any of the above-mentioned violations may result in suspension of your account.
  • Doxxing. We do not allow any sharing of private or personal contact or other information about any individual or organization. This will result in immediate suspension of the commentor and his or her account.
  • Don’t monopolize the conversation. We appreciate passion and conviction, but we also strongly believe in giving everyone a chance to air their point of view. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
  • Only English comments will be allowed.

Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.

Write your thoughts here
 
Are you sure you want to delete this chart?
 
Post
Post also to:
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Thanks for your comment. Please note that all comments are pending until approved by our moderators. It may therefore take some time before it appears on our website.
 
Are you sure you want to delete this chart?
 
Post
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Add Chart to Comment
Confirm Block

Are you sure you want to block %USER_NAME%?

By doing so, you and %USER_NAME% will not be able to see any of each other's Investing.com's posts.

%USER_NAME% was successfully added to your Block List

Since you’ve just unblocked this person, you must wait 48 hours before renewing the block.

Report this comment

I feel that this comment is:

Comment flagged

Thank You!

Your report has been sent to our moderators for review
Continue with Google
or
Sign up with Email