Pound Rises After U.K. Unemployment Rate Drops
13 Februar 2024 - 5:02AM
RTTF2
The British pound strengthened against other major currencies in
the early European session on Tuesday, as the U.K. jobless rate
declined in the fourth quarter.
Data from the Office for National Statistics showed that the ILO
unemployment rate fell to 3.8 percent in the fourth quarter from
3.9 percent in the prior period. The rate was also below
economists' forecast of 4.0 percent.
In three months to December, average earnings including bonus
rose 5.8 percent annually, slower than the 6.7 percent rise in
November. Earnings growth was expected to ease more sharply to 5.6
percent.
Excluding bonus, average earnings advanced 6.2 percent annually
after rising 6.7 percent in the prior period. The expected increase
was 6.0 percent.
The claimant count increased 14,100 on month to 1.579 million in
January.
The estimated number of vacancies declined 26,000 sequentially
to 932,000 in three months to January. At the same time, payroll
employees for January grew 48,000 on the month to 30.4 million.
In the Asian session today, the pound was held steady against
its major rivals.
In the European session now, the pound rose to an 8-1/2-year
high of 189.31 against the yen, from an early low of 188.44. On the
upside, 190.00 is seen as the next resistance level for the
pound.
Against the euro and the Swiss franc, the pound advanced to
nearly a 6-month high of 0.8510 and a 2-1/2-month high of 1.1139
from early lows of 0.8536 and 1.1051, respectively. If the pound
extends its uptrend, it is likely to find resistance around 0.84
against the euro and 1.12 against the franc.
The pound edged up to yesterday's high of 1.2656 against the
U.S. dollar, from an early low of 1.2609. The next upside target
level for the pound is seen around the 1.28 region.
Looking ahead, Germany's ZEW economic confidence survey results
for January are due to be released in the European session.
At 5:40 am ET, ECB board member Anneli Tuominen will participate
in roundtable high-level discussion at SRB Annual Conference 2024
"The road ahead: risk, readiness and resilience" in Brussels,
Belgium.
In the New York session, U.S. CPI data for January and U.S.
Redbook report are set to be published.
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