Market News

GBP Unemployment Data Unchanged

Updated 6 days ago

A mixed bag of UK jobs data this morning, but led by the unemployment rate which is unchanged at a healthy 4.2%. The striking number here is the 3 month on 3 month job gains which came in at a much higher than expected 197k vs 130k expected - these figures as of Feb. 

Ex bonus wage growth came in at a higher 2.9% from 2.8% previously, and despite this being forecast, is also supportive of the economy and especially do for real earnings as inflation starts to taper off.  The claimant count was higher than expected at over 30k, but comes amid generally low levels relatively speaking.  No real response from GBP as yet, but pressure on Cable has been alleviated and this may make a push on 1.3500 lower down a little tougher.  EUR/GBP in the meantime is a touch lower, but we have the second reading of EU Q1 GDP coming up, so some traders will be keeping their powder dry until then.