U.K. employment data
- Average earning with bonuses (Oct), fact 3.3%, forecast 3.0%.
- Claimant count change (November), fact 21.9K, forecast 13.2K.
- Employment change, 3m/3m (m/m), fact 79.0K, forecast 25.0K.
- Unemployment rate (Oct), fact 4.1%, forecast 4.1%.
The employment report in the UK was very mixed. The growth of the average wage and the increase in employment indicates a noticeable attempt to keep the unemployment rate low, which is confirmed by statistics. A prolonged increase in the number of applications for benefits indicates the opposite.
Fig. 1. Changes claimant count in the UK
The British pound reacted very cautiously to an employment data in the UK, remaining under the pressure of risks for Brexit, despite attempts to correct and restore optimism in the market. The British Pound is limited to political games and the risks around Brexit voting.
The pair GBP/USD is limited to the downward trend, but forms a correction against the decline, limited to resistance levels: 1.2650 and 1.2680, support: 1.2550 and 1.2500.
Fig. 2. GBP/USD chart. The current price is 1.2620.
Read also: “Features of trading on crossed containing the euro (EUR)”
Hanzenko Anton
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