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Forex News: Pound Climbs As UK Jobless Rate Remains At

Pound Climbs As UK Jobless Rate Remains At 43-year Low

06/12/2018 - 06:18:00 (RTTNews)

(RTTNews) - The pound strengthened against its major counterparts in the European session on Tuesday, after a data showed that the UK unemployment rate remained unchanged at the lowest level since 1975.

Data from the Office for National Statistics showed that the ILO jobless rate remained at 4.2 percent in the three months ended April, but down from 4.6 percent a year ago. This was the joint lowest since 1975.

There were 1.42 million unemployed people, 38,000 fewer than for November 2017 to January 2018 and 115,000 fewer than for a year earlier.

At the same time, the employment rate was 75.6 percent, higher than for a year earlier and the joint highest since comparable records began in 1971.

Investors cheered the news that U.S. President Donald Trump and North Korean Leader Kim Jong Un had signed a deal that commits to work towards "the complete denuclearization of the Korean peninsula."

Investors awaited monetary policy announcements from three major central banks due this week.

The Federal Reserve is widely expected to raise interest rates by 25 basis points when it meets Tuesday and Wednesday.

The European Central Bank has already indicated that its upcoming meeting on Thursday will be used to discuss ending its bond purchasing program.

The pound showed mixed trading against its major rivals in the Asian session. While it rose against the yen and the franc, it fell against the greenback. Against the euro, it held steady.

The pound bounced off to 0.8793 against the euro, from a low of 0.8819 seen at 3:15 am ET. If the pound rises further, 0.87 is likely seen as its next resistance level.

Survey data from the Centre for European Economic Research or ZEW showed that German investor confidence declined more-than-expected in June to its lowest level in over five-and-a-half years.

The ZEW Indicator of Economic Sentiment for Germany shed 7.9 points in June to stand at minus 16.1 points, the Mannheim-based think tank said. Economists had expected a score of -14.

The pound was trading higher at 147.61 against the yen, reversing from a low of 147.11 hit at 5:30 pm ET. Next key resistance for the pound is likely seen around the 149.00 level.

Data from the Ministry of Economy, Trade and Industry showed that Japan's tertiary activity index increased in April after falling in the previous month.

The tertiary activity index climbed 1.4 percent month-over-month in April, reversing a 0.3 percent decrease in March.

The U.K. currency appreciated to 1.3210 against the Swiss franc, after having fallen to a 4-day low of 1.3168 at 3:05 am ET. The pound is poised to challenge resistance around the 1.34 level.

The pound reached as high as 1.3418 against the greenback, up from a weekly low of 1.3342 set at 2:15 am ET. The next likely resistance for the pound is seen around the 1.36 level.

Looking ahead, U.S. CPI and monthly budget statement for May are scheduled for release in the New York session.

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