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Forex News: Pound Strengthens After U.K. Employment Hits Record High

Pound Strengthens After U.K. Employment Hits Record High

07/17/2018 - 05:56:00 (RTTNews)

(RTTNews) - The pound climbed against its major counterparts in early European deals on Tuesday, after a data showed that Britain's employment level set a fresh record in the three months to May and unemployment remained at its lowest since 1975.

Figures from the Office for National Statistics showed that the number of employment in the U.K. reached a record high of 32.399 million in the March to May period, rising by 137,000 from the previous three months. Economists had forecast employment growth of 115,000.

The employment rate rose to a record 75.7 percent from 75.6 percent in the three months to April period.

The UK unemployment rate remained at 4.2 percent, which was the joint lowest since 1975. The figure matched economists' expectations.

Investors keep an eye on Federal Reserve Chairman Jerome Powell's semi-annual congressional testimony later in the day to see whether the Fed will raise rates again too soon.

The currency held steady against its major counterparts in the Asian session, with the exception of the yen.

The pound edged up to 1.3269 against the greenback, from a low of 1.3227 seen at 9:35 pm ET. The pound is likely to find resistance around the 1.34 level.

Reversing from an early low of 148.57 against the yen, the pound rose to 149.09. If the pound continues its rise, 151.00 is possibly seen as its next resistance level.

The pound bounced off to 1.3194 against the Swiss franc, after falling to a 4-day low of 1.3168 at 4:20 am ET. The next possible resistance for the pound is seen around the 1.33 level.

The pound came off from an early 4-day low of 0.8864 against the euro, recovering to 0.8845. On the upside, 0.87 is likely seen as the next resistance level for the pound.

Looking ahead, U.S. industrial production for June and NAHB housing market index for July, as well as Canada manufacturing sales for May are scheduled for release in the New York session.

At 10:00 am ET, the Fed Chairman Jerome Powell will testify before the House Financial Services Committee.

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