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Sterling pares losses vs. dollar
Sterling fell today before paring the losses and trading near the opening levels, even as the dollar advances against main currencies, buoyed by strong U.S. data.
GBP/USD last traded at 1.2484, compared to the opening of 1.2492, with an intraday high at 1.2512, and a low at 1.2416.
Sterling started the day lower after the GFK index for U.S. consumer confidence fell sharply in November to minus 8 from October's minus 3, while analysts expected minus 4.
Downbeat consumer confidence heaped pressure on the royal currency and forced it down, specially as the dollar recovers against main currencies following stellar private sector jobs data, in addition to strong personal income data.
Expectations are mounting of a Fed rate hike in the central bank's December meeting this year, as the labor sector keeps improving, ahead of the crucial payrolls report on Friday, which would weigh on the pound's movements.
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