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26 Feb 2015
GBP/USD extends decline after US data
FXStreet (Córdoba) - GBP/USD fell further at the beginning of the American session as the greenback reacted positively to the latest series of mixed economic data.
Even though January US consumer prices declined more than expected, core figures beat expectations rising by 0.2% MoM and 1.6% YoY. Durable goods orders bounced strongly in January, rising 2.8% versus 1.7% expected. On the soft side, initial jobless claims rose to 313K last week versus 290K of consensus.
The dollar strengthened in the wake of data and rose versus most competitors, dragging GBP/USD to a fresh daily low of 1.5453, where the 100-hour SMA offered support. At time of writing, Cable is trading at 1.5455, recording a 0.48% loss on the day and having completely erased yesterday’s gains.
Even though January US consumer prices declined more than expected, core figures beat expectations rising by 0.2% MoM and 1.6% YoY. Durable goods orders bounced strongly in January, rising 2.8% versus 1.7% expected. On the soft side, initial jobless claims rose to 313K last week versus 290K of consensus.
The dollar strengthened in the wake of data and rose versus most competitors, dragging GBP/USD to a fresh daily low of 1.5453, where the 100-hour SMA offered support. At time of writing, Cable is trading at 1.5455, recording a 0.48% loss on the day and having completely erased yesterday’s gains.