FOREX TradingCharts.com

Forex News: Pound Bounces Off After U.K. Jobless Rate Falls

Pound Bounces Off After U.K. Jobless Rate Falls To 44-year Low

05/14/2019 - 08:28:00 (RTTNews)

(RTTNews) - The pound rebounded from its early lows against its major counterparts in the European session on Tuesday, as U.K. jobless rate declined in the first quarter to the lowest since 1974, pointing to a continued strengthening of the labor market.

Data from the Office for National Statistics showed that the ILO jobless rate came in at 3.8 percent in the first quarter, while the rate was expected to remain unchanged at 3.9 percent. The rate has not been lower since last quarter of 1974, the ONS said.

In the three months to March, the number of people who were unemployed decreased by 65,000 to 1.3 million. This was the largest quarterly decrease since September to November 2016.

At the same time, the employment rate came in at 76.1 percent, the joint-highest since comparable records began in 1971. The number of people in employment increased by 99,000 on the quarter to 32.70 million.

Excluding bonuses, average weekly earnings for employees increased by 3.3 percent. Including bonuses, weekly earnings climbed 3.2 percent, data showed.

In April, the number of people claiming jobseekers' allowances increased by 24,700 from March.

The currency was under pressure early in the session, following media reports that the UK PM Theresa May is unlikely to compromise with Labour's proposal for a customs union with the European Union.

The pound recovered to 0.8664 against the euro, from near a 2-week low of 0.8692 hit at 4:00 am ET. Next key resistance for the pound is seen around the 0.85 level.

Final data from Destatis showed that Germany's consumer price inflation accelerated as initially estimated to its highest level in five months in April.

Consumer price inflation rose to 2 percent in April from 1.3 percent in March. This was the highest rate since November, when prices were up 2.1 percent.

The U.K. currency staged a mild rebound to 1.2964 against the greenback, after having dropped to a new 2-week low of 1.2923 at 3:30 am ET. On the upside, 1.31 is possibly seen as the next resistance level for the pound.

The pound was trading higher at 141.91 against the yen, up from a low of 141.36 seen at 6:30 pm ET. The pound is poised to test resistance around the 144.00 level.

The pound advanced to 1.3066 against the franc, snapping back from a fresh 5-week low of 1.3009 touched at 6:30 pm ET. The pound is seen finding resistance around the 1.32 region.

Looking ahead, U.S. import and export prices for April are scheduled for release in the New York session.

At 12:45 pm ET, Federal Reserve Bank of Kansas City President Esther George will give a speech about the economy at the Economic Club of Minnesota, in Minneapolis.

For comments and feedback: contact editorial@rttnews.com

Copyright(c) 2019 RTTNews.com. All Rights Reserved

Market News provided by RTTNews

RECENT FOREX and ECONOMIC NEWS STORIES


Canadian Dollar Higher On Rising Oil Prices (10 min(s), 08 sec(s) ago)
(RTTNews) - The Canadian dollar drifted higher against its major counterparts in the European sess ...Full Story»

Pound Falls On Brexit Concerns (01 hr(s), 58 min(s), 08 sec(s) ago)
(RTTNews) - The pound declined against its major counterparts in the European session on Tuesday, ...Full Story»

U.S. Dollar Appreciates Against Majors (05 hr(s), 52 min(s), 08 sec(s) ago)
(RTTNews) - The U.S. dollar drifted higher against its major counterparts in the early European se ...Full Story»

U.S. Dollar Reverses From Early Highs Against Most Majors (07 min(s), 52 sec(s) ago)
(RTTNews) - The U.S. dollar declined against its most major counterparts in the European session o ...Full Story»

Aussie Up After Australia Conservative Coalition's Surprise Election Victory (05 hr(s), 22 min(s), 08 sec(s) ago)
(RTTNews) - The Australian dollar gained ground against its major opponents in the Asian session o ...Full Story»

Euro Little Changed Following German PPI (07 hr(s), 10 min(s), 08 sec(s) ago)
(RTTNews) - After the release of German producer prices for April at 2:00 am ET Monday, the euro c ...Full Story»

Euro Retreats Ahead Of German PPI (07 hr(s), 19 min(s), 07 sec(s) ago)
(RTTNews) - Destatis will release German producer prices for April at 2:00 am ET Monday. Ahea ...Full Story»

Dollar Ticks Up Following U.S. Consumer Sentiment Index (55 min(s), 52 sec(s) ago)
(RTTNews) - Following the release of University of Michigan's preliminary consumer sentiment i ...Full Story»

Search

FOREX NEWS

Canadian Dollar Higher On Rising Oil Prices

05/21/2019 - 09:03 AM (RTTNews)
(RTTNews) - The Canadian dollar drifted higher against its major counterparts in the European sess ...Full Story>>

Pound Falls On Brexit Concerns

05/21/2019 - 07:15 AM (RTTNews)
(RTTNews) - The pound declined against its major counterparts in the European session on Tuesday, ...Full Story>>

U.S. Dollar Appreciates Against Majors

05/21/2019 - 03:22 AM (RTTNews)
(RTTNews) - The U.S. dollar drifted higher against its major counterparts in the early European se ...Full Story>>

U.S. Dollar Reverses From Early Highs Against Most Majors

05/20/2019 - 10:22 AM (RTTNews)
(RTTNews) - The U.S. dollar declined against its most major counterparts in the European session o ...Full Story>>

Aussie Up After Australia Conservative Coalition's Surprise Election Victory

05/20/2019 - 03:53 AM (RTTNews)
(RTTNews) - The Australian dollar gained ground against its major opponents in the Asian session o ...Full Story>>
Copyright © 2019. All market data is provided by Barchart Solutions. Information is provided "as is" and solely for informational purposes, not for trading purposes or advice. To see all exchange delays and terms of use, please see disclaimer.