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Forex - GBP/USD trims losses on improving U.K. trade data

ForexAug 09, 2013 03:06PM ET
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Investing.com - The pound traded lower but steadily against the dollar in quiet trading on Friday, trimming earlier losses after U.K. trade data came in better than expected.

In U.S. trading on Friday, GBP/USD was trading at 1.5512, down 0.17%, up from a session low of 1.5498 and off from a high of 1.5558.

Cable was likely to find support at 1.5207, Wednesday's low, and resistance at 1.5574, Thursday's high.

The pound rose earlier after the Office for National Statistics said that the U.K. trade deficit narrowed by more than expected in June, improving to GBP8.08 billion from a deficit of GBP8.67 billion the previous month.

Analysts had expected the trade deficit to narrow to GBP8.50 billion in June, which supported the pound, though the dollar regained strength after investors digested comments from Federal Reserve officials suggesting they would not rule out making a decision to taper stimulus measures such as monthly asset purchases at the bank’s September meeting.

Fed asset purchases tend to weaken the dollar, and talk of their dismantling strengthens the U.S. currency.

Cleveland Fed President Sandra Pianalto said Wednesday there has been “meaningful improvement” in the labor market and that tapering may be warranted if it continues to strengthen.

Chicago Fed President Charles Evans and Dallas Fed President Richard Fisher have made similar comments.

The pound, meanwhile, was up against the euro and down against the yen, with EUR/GBP down 0.13% at 0.8601 and GBP/JPY down 0.50% at 149.49.











Forex - GBP/USD trims losses on improving U.K. trade data
 

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