Sterling Reacts Positively to Employment Data

The Great Britain pound reacted positively to UK employment data released today, which showed accelerating wage inflation and a surprise drop of the unemployment rate. It allowed the currency to halt the four-day losing streak versus the euro and the Swiss franc.

According to the report from the Office for National Statistics, average weekly earnings rose 2.4% in the three-month period through March from a year ago after rising 2.3% in the previous reporting period. The unemployment rate fell from 4.7% to 4.6% unexpectedly. The number of jobless claims fell to 19,400 in April from the upwardly revised 33,500 in March.

GBP/USD rose from 1.2913 to 1.2964 as of 13:05 GMT today. EUR/GBP was up from 0.8577 to 0.8614 intraday but backed off to trade at 0.8572 by now.

This post was originally published by EarnForex

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Vladimir Vyun

Vladimir is an online journalist with background in computer science and work experience in pension funds. He contributes news reports, fundamental analysis and sentiment forecasts to EarnForex.com. His main specialization is the fundamental situation in EUR/USD, the currencies of emerging economies and inter-market correlations with commodity and bond trading.