Sterling climbs off 21-month nadir against dollar

Economies.com
2019-01-03 17:40PM UTC

Sterling rose in American trade off February 2017 lows against the greenback, following a basket of data from the UK and the US. 

 

As of 05:34 GMT, GBP/USD rose 0.24% to 1.2637, with an intraday high at 1.2639, and a 21-month nadir at 1.2441. 

 

Earlier UK data showed the construction PMI receded to 52.8 from 53.4, missing estimates of 52.9, while the UK government hinted it will take the path of a no-deal Brexit in case Parliament rejected the deal presented by PM Theresa May. 

 

Otherwise, earlier US data showed the private sector added a stellar 271 thousand new jobs in December, beating estimates of 179 thousand, and compared to November's 157K, revised from 179K. 

 

US unemployment claims rose 10 thousand in the week ending December 29 to 231 thousand, while continuing claims in the week ending December 22 rose 32K to 1.740 million. 

 

The US ISM manufacturing PMI tumbled to 54.1 in December from 59.3, missing estimates of 57.7, while ISM manufacturing prices fell as well sharply to 54.9 from 60.7, missing expectations of 57.9. 

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