U.K. employment data
- Average earnings including bonuses (Feb), fact 3.5%, forecast 3.5%.
- Claimant count change (March), fact 28.3K, forecast 20.0K.
- Employment change, 3m/3m (m/m), fact 179.0K, forecast 173.0K
- Unemployment rate (Feb), fact 3.9%, the forecast 3.9%.
The UK employment report for March turned out to be quite ambiguous. The main negative note of the report was the data on the change in the number of applications for unemployment benefits, that rose to a maximum value over the past six years. On the other hand, the February employment report in the UK was completely revised in a positive direction, which supported the pound. Separately, it is worth highlighting indicators of wage growth and unemployment, which remained at the level of the forecast. But their upward trend indicates a positive trend in the labor market in general.
Fig. 1. U.K. average earnings with bonuses
The British pound reacted very discreetly to this statistic, but received restrained support. In the future, it will have a positive impact on the British currency. GBP/USD pair remains sandwiched in the side triangle, limited to flat, maintaining the potential to strengthen, limited to resistance levels: 1.3130 and 1.3150, support: 1.3060 and 1.3040.
Fig. 2. GBP/USD chart. Current price – 1.3090
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Hanzenko Anton
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