The pound has certainly appreciated today’s statistics
11.11.2015
The GBP/USD pair is trading up, although the UK macroeconomic reports on the labor market have been mixed.
The British pound continued to grow in the middle of the week. The current quote in the GBP/USD pair is 1.5157. Strengthening of the position of the pound has been observed for the fourth session in a row, but to date growth rate was barely noticeable.
Statistical data on the British employment market published today was quite contradictory. The unemployment rate in the third quarter declined to 5.3% despite the fact that economists and investors did not expect these changes in the second quarter of 2015. The current figure of the indicator is the lowest in seven years. This is a strong positive signal.
The components of the report say that the number of British employees during the reporting period increased by 177 thousand. The percentage figure is 73.7%, which is the highest value in the indicator for more than forty years. The number of unemployed decreased by 103 thousand.
The total average earnings in the third quarter increased by 3%. The pace of strengthening the average here. The average weekly salary added only 2.5% in the third quarter. This data is evaluated as the weakest in the current year. Perhaps it is this component of the employment report that prevents the pound to rise even higher today: the Bank of England earlier stressed that will follow the dynamics of the growth of the weekly wage in order to take a timely and objective decision on the interest rate. The index is weak - the start of tightening in the monetary policy of the BoE is postponed again.
RoboForex Analytical Department
The British pound continued to grow in the middle of the week. The current quote in the GBP/USD pair is 1.5157. Strengthening of the position of the pound has been observed for the fourth session in a row, but to date growth rate was barely noticeable.
Statistical data on the British employment market published today was quite contradictory. The unemployment rate in the third quarter declined to 5.3% despite the fact that economists and investors did not expect these changes in the second quarter of 2015. The current figure of the indicator is the lowest in seven years. This is a strong positive signal.
The components of the report say that the number of British employees during the reporting period increased by 177 thousand. The percentage figure is 73.7%, which is the highest value in the indicator for more than forty years. The number of unemployed decreased by 103 thousand.
The total average earnings in the third quarter increased by 3%. The pace of strengthening the average here. The average weekly salary added only 2.5% in the third quarter. This data is evaluated as the weakest in the current year. Perhaps it is this component of the employment report that prevents the pound to rise even higher today: the Bank of England earlier stressed that will follow the dynamics of the growth of the weekly wage in order to take a timely and objective decision on the interest rate. The index is weak - the start of tightening in the monetary policy of the BoE is postponed again.
RoboForex Analytical Department
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Forecasts presented in this section only reflect the author’s private opinion and should not be considered as guidance for trading. RoboForex bears no responsibility for trading results based on trading recommendations described in these analytical reviews.