U.K. employment data
- The average wage level including premiums (Apr), fact 3.1%, forecast 2.9%.
- Claimant count change (May), fact 23.2K, forecast 22.9K.
- Employment change, 3m/3m (m/m). fact 32.0K, forecast -1.0K.
- Unemployment rate (April), fact 3.8%, forecast 3.8%.
Despite a marked increase in applications for unemployment benefits, the employment report showed a less significant slowdown in wages than expected. This indicates a more positive inflation situation. It is also worth highlighting the rate of employment change, which slowed down less significantly than expected.
Fig. 1. Graph of average salary with premiums in the UK
The overall tone of the UK employment report was positive, thanks to data that showed less significant rates of slowdown in the UK labor market. Against this background, the British pound has accelerated the growth across the market, moving to a correction after a decline in weak GDP data published earlier.
The GBP/USD pair returned to growth, breaking the correctional dynamics, thus continuing to trade in a restrained uptrend, limited to resistance levels: 1.2730 and 1.2750, support: 1.2670 and 1.2650.
Fig. 2. GBP/USD. Current price – 1.2700
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Hanzenko Anton
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