British Pound Surges Post UK Unemployment Data

British Pound Surges Post UK Unemployment Data

By: Oliver Miller | Where To Trade | On:18-02-2015 15:11
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Key Highlights

  • British pound was seen trading higher against the US dollar after UK employment report release.

  • UK Claimant Change released by the National Statistics came in at -38.6K in January 2015, whereas the market was expecting it to be around -25.0K.

  • UK ILO Unemployment Rate declined from 5.8% to 5.7%.

  • UK Average Earing Excluding Bonus registered an increase of 1.7%, compared to the forecast of 1.8% and the last gain was of 1.8%.

  • UK Average Earing Including Bonus gained by 2.1% whereas the market was expecting only 1.7%, and the last reading was also revised up from 1.7% to 1.8%.

  • BOE’s Monetary Policy Committee (MPC) meeting minutes were also released, which was less dovish as expected and the vote change came in line with the forecast.

  • GBPUSD traded higher after the release and was seen testing the 1.5420 resistance area as of writing with next resistance around 1.5450.

  • Japanese yen was seen consolidating after the BOJ press conference, which was lined up in Asia.

UK Employment Report

The UK Claimant Change was released by the National Statistics about an hour ago, which was overall on the positive side. The forecast for slated for the Claimant Change to be around -25.0K, but it was on the better side. The Claimant Change came in at -38.6K in January 2015, compared to the last revised reading of -35.8K. The best thing to note from the report was the fact that the UK ILO Unemployment Rate registered a decline from 5.8% to 5.7%.

The report mentioned that there were 30.90 million people in work, which was 103K more than for July to September 2014 and 608K more than for a year earlier. Moreover, the UK Average Earning Including Bonus increased by 2.1% comparing October to December 2014 with a year earlier. The market was not expecting a gain above 2%. Furthermore, the last reading was also revised up from 1.7% to 1.8%. The report also highlighted that there were 9.05 million people aged from 16 to 64 who were out of work and not seeking or available to work, which was 22K higher than for July to September 2014. When we compare October to December 2014 with a year earlier, then the number of people in employment increased by 608K, and the unemployed people fell by 486K.

BOJ Interest Rate Decision

There was an important release lined up during the Asian session today, as the Bank of Japan announced interest rates and released their policy statement. The central bank kept the interest rates unchanged as expected. There was no change in the policy as well, which kind of sparked a minor upside in the Japanese yen. Later, it was seen trading lower against the US dollar.

Technical Outlook – British Pound

The British pound blasted higher and traded close to the 1.5420 area. There were a lot of sellers seen around the mentioned area. If the GBPUSD pair breaks the mentioned resistance, then more upside is likely moving ahead.

Oliver Miller

Oliver Miller

"Patience is the key for success"

Oliver Miller is one of the best financial analyst with 18 years of online trading experience

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