Pound Climbs As U.K. Jobless Rate Falls To 43-year Low
14 Agosto 2018 - 8:31AM
RTTF2
The pound spiked up against its major counterparts in the
European session on Tuesday, after a data showed that the nation's
jobless rate unexpectedly fell to a 43-year-low in the three months
to June.
Data from the Office for National Statistics showed that the
jobless rate fell to 4 percent in the three months ended June, down
from 4.2 percent in the three months ended May. The rate was the
lowest since February 1975.
The figure matched economists' expectations.
The number of people in work increased by 42,000 to 32.39
million. Economists had forecast employment growth of 93,000.
The employment rate stood at 75.7 percent in the three months to
June, the highest since comparable records began in 1971.
The currency has been trading higher against its major
counterparts in the Asian session, with the exception of the
euro.
The pound appreciated 0.6 percent to a 4-day high of 1.2827
against the greenback, from a low of 1.2753 touched at 5:00 pm ET.
The pound is poised to challenge resistance around the 1.30
mark.
The U.K. currency climbed to a 4-day high of 142.47 versus the
yen, after having fallen to 141.08 at 8:00 pm ET. The pound is seen
finding resistance around the 145.00 level.
Preliminary figures from the Ministry of Economy, Trade and
Industry showed that Japan's industrial production decreased less
than initially estimated in June.
Industrial production dropped a seasonally-adjusted 1.8 percent
month-over-month in June, faster than the 0.2 percent fall in the
previous month. That was slower than the 2.1 percent decline in the
flash data.
The pound added 0.6 percent to hit a 4-day high of 1.2729
against the franc, following a decline to 1.2656 at 5:00 pm ET. The
pound is likely to test resistance around the 1.30 mark.
The U.K. currency spiked up to 0.8896 against the euro, its
strongest since August 6. Next key resistance for the pound is seen
around the 0.87 region.
Survey data from the Centre for European Economic Research
showed that Germany's economic confidence improved more than
expected in August.
The ZEW Indicator of Economic Sentiment climbed notably to -13.7
in August from -24.7 in July. Looking ahead, at 8:00 am ET, German
final CPI for July will be out.
In the New York session, U.S. import and export prices for July
are scheduled for release.
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