Join our community of traders FOR FREE!

  • Learn
  • Improve yourself
  • Get Rewards
Learn More

On Wednesday British pound remained mainly higher against the US dollar, while additional support was received by upbeat labour market data from the United Kingdom.

GBP/USD hit 1.5682 during European morning trade, currently the session high and highest since February 13th, after which consolidation followed at 1.5670. Support was expected in the 1.5600-1.5635 range, while resistance was to be encountered in the 1.5690-1.5710 zone.

Minutes ago, official data showed Jobless Claims in the United Kingdom registered a sharper than projected decline in May, 8 600, compared to 5 000. The number of people, seeking unemployment assistance, dropped by 7 300 during April.

Claimant Count Rate in UK remained unchanged at 4.5% during May, in line with expectations.

Another report showed that Average Earnings Including Bonuses increased by 1.3% during the first three months until April this year, as the indicator recorded a 0.6% increase during the three months until March. Remuneration level was higher due to the fact companies paid bonuses to employees during April, while last year bonuses were paid in March. However, UK earnings including bonuses rose at a historically slow rate during the three-month period until April, posing a threat to fragile economic recovery, while nations purchasing power still remained low.

Additionally, the International Labour Organization said Unemployment Rate remained stable at 7.8% during the first three months until April this year, compared to the three months until March. This indicator also matched exactly preliminary estimates.

Meanwhile, market sentiment was dominated by ongoing speculation whether the Federal Reserve Bank of the United States will begin to unwind its bond purchases later this year.

The pound extended its expansion against the euro as well, with EUR/GBP down by 0.38% to 0.8476.

The euro zone was expected to release official report on Industrial Production later today.

TradingPedia.com is a financial media specialized in providing daily news and education covering Forex, equities and commodities. Our academies for traders cover Forex, Price Action and Social Trading.

Related News

  • Natural gas futures trading outlook: prices hit 8-month low as mild weather persistsNatural gas futures trading outlook: prices hit 8-month low as mild weather persists Natural gas hovered near the lowest level in more than eight months as weather forecasts continued to call for below-seasonal readings across most of the high-consumption US areas, paving the way for a yet another larger-than-average natural […]
  • Marcus & Millichap announces semi-annual dividend of $0.25Marcus & Millichap announces semi-annual dividend of $0.25 Marcus & Millichap Inc, a commercial real estate brokerage firm with a focus on investment sales, financing, research and advisory services, said this week its Board of Directors had authorized a regular semi-annual dividend of $0.25 […]
  • Forex Market: GBP/CAD daily forecastForex Market: GBP/CAD daily forecast During yesterday’s trading session GBP/CAD traded within the range of 1.8247-1.8302 and closed at 1.8278.At 6:57 GMT today GBP/CAD was gaining 0.09% for the day to trade at 1.8286. The pair touched a daily high at 1.8294 at 6:15 […]
  • H&M share price record high as August, Q3 sales soarH&M share price record high as August, Q3 sales soar Hennes & Mauritz AB, the second-top global clothing retailer, reported upbeat sales figures for August and the whole third quarter, boosting the companys stock to a new all-time high.The Swedish companys sales in local currencies […]
  • Spot Gold steadies above $2,900 ahead of US CPI testSpot Gold steadies above $2,900 ahead of US CPI test Key momentsSpot Gold holds steady above $2,900 mark as US CPI data eyed US President Trump reverses course on a pledge to increase tariffs on Canadian steel and aluminum to 50% Kyiv intends to accept a Washington proposal for a […]
  • Air Canada to purchase 18 Boeing 787 Dreamliner jetsAir Canada to purchase 18 Boeing 787 Dreamliner jets Air Canada has signed an agreement with Boeing Co to purchase 18 widebody 787 Dreamliner aircraft, as the air carrier seeks to deploy fuel-efficient jets amid robust travel demand."The 787 is highly fuel efficient and will generate […]