Sterling climbs off 1-1/5 year nadir versus dollar

2018-12-06 20:35:16 GMT (
Sterling climbs off 1-1/5 year nadir versus dollar

Sterling rose in American trade off June 2017 lows versus the greenback, following earlier data from the US today and amid a lack thereof from Britain. 


As of 05:46 GMT, GBP/USD rose 0.45% to 1.2791, with an intraday high at 1.2812, and a low at 1.2700. 


UK Prime Minister Theresa May ruled out a delay in the Parliament's vote on the Brexit agreement, adding that the only options are either accepting this plan or heading for an unorganized and risky Brexit. 


US Data 


The US private sector added 179 thousand in November, missing estimates of 195K, and compared to 225K in October, revised from 227K. 


US productivity rose 2.3% as expected, up from 0.9% in the second quarter, while labor costs rose 0.9%, slowing down from 1% in the second quarter. 


US trade deficit widened to $55.5 billion from $54.6 in September, missing estimates of $55.2 billion, while unemployment claims fell by 4 thousand in the week ending December 1 to 231K. 


Continuing claims for the week ending November 24 fell 74 thousand to 1.631 million.


The US services PMI rose to 60.7 in November from 60.3 in October, besting estimates of 59.1. 


Two thirds of American GDP relies on services, hence the vital importance of services PMIs to markets. 


Finally, factory orders fell 2.1% in October, compared to a 0.2% increase in September, and missing estimates of a 1.9% increase. 

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