UK jobs show another strong rise - unemployment stays at 3.9%

Published date: 16/04/2019

It was another strong employment report out of the UK, with the 3-month average job gains coming in at a better than expected 179k.  This was down from 222k, though average earnings were steady at 3.4% ex-bonus and a tenth higher including bonus.  
The only black market in the report was the claimant count for March, which rose to 28.3k vs 20k expected.  The rest of the data was all for Feb and underpins the solid labour market at present. 

We would have expected a little more movement in GBP, but we remain hemmed into a very tight range and the daily limits to watch for in Cable seem to lie at 1.3070 and 1.3125.  Quite how we break these limits is hard to see, with data having little impact and Brexit sidelined with parliament on Easter break.  

EUR/GBP is still trying to claw a path through the mid 0.8600's, though with little progress.  Unless this breaks out, we see limited price action in Cable as EUR/USD is also offering little input as it also continues to try and grind away at offers in the 1.1315-25 region.  

EU and German ZEW sentiment coming up next.


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