FOREX TradingCharts.com

Forex News: Pound Advances Amid Re-opening Optimism, Improved U.K. Wage

Pound Advances Amid Re-opening Optimism, Improved U.K. Wage Growth

02/23/2021 - 04:49:00 (RTTNews)

(RTTNews) - The pound appreciated against its major counterparts in the European session on Tuesday, as U.K. wage growth improved in December and Prime Minister Boris Johnson's four-step reopening plan raised hopes of a return to normalcy.

Data from the Office for National Statistics showed that U.K. average earnings including bonuses rose 4.7 percent in three months to December, which was well above the expected rate of 4.1 percent.

Excluding bonus, average earnings grew 4.1 percent versus the forecast of 4 percent.

Claimant count also decreased by 20,000 in January from the previous month.

Nonetheless, the jobless rate came in at 5.1 percent in three months to December, which was 0.4 percentage points higher than the previous quarter. The rate matched economists' expectations.

The employment rate dropped 0.3 percentage points from the prior quarter to 75.0 percent.

On Monday, Boris Johnson outlined a roadmap to take England out of its Covid-19 lockdown.

The plan allows schools to reopen on March 8 and functioning of non-essential shops and hospitality for outdoor service from April 12.

Under the four-step plan, all restrictions will be removed by late June.

The pound spiked higher to near a 1-year high of 0.8630 against the euro and near a 3-year high of 1.4098 against the greenback, after falling to 0.8654 and 1.4056, respectively in early deals. If the pound continues its rise, 0.85 and 1.45 are possibly seen as its next resistance levels against the euro and the greenback, respectively.

The pound reversed from an early low of 147.64 against the yen, with the pair trading at 148.20. The pound is likely to find resistance around the 153.00 level.

The pound climbed to a 1-year high of 1.2666 against the franc, after having fallen to 1.2586 at 5:00 pm ET. The pound is seen finding resistance around the 1.30 level.

Looking ahead, Eurozone CPI for January will be featured in the European session.

U.S. consumer confidence index for February, FHFA's house price index and S&P/Case-Shiller home price index for December are due out in the New York session.

Federal Reserve Chair Jerome Powell is due to testify on the Semiannual Monetary Policy Report before the Senate Banking Committee, via satellite at 10:00 am ET.

For comments and feedback: contact editorial@rttnews.com

Copyright(c) 2021 RTTNews.com. All Rights Reserved

Market News provided by RTTNews

RECENT FOREX and ECONOMIC NEWS STORIES


Franc Little Changed After Swiss Producer And Import Prices (01 hr(s), 12 min(s), 04 sec(s) ago)
(RTTNews) - At 2.30 am ET Friday, Swiss producer and import prices for March have been released. F ...Full Story»

Franc Advances Ahead Of Swiss Producer And Import Prices (01 hr(s), 18 min(s), 04 sec(s) ago)
(RTTNews) - At 2.30 am ET Friday, Swiss producer and import prices for March are due. Ahead of the ...Full Story»

Indian Rupee Rises To 8-day High Against U.S. Dollar (01 hr(s), 27 min(s), 04 sec(s) ago)
(RTTNews) - The Indian rupee strengthened against the U.S. dollar in the morning session on Friday ...Full Story»

Dollar Little Changed After U.S. NAHB Housing Market Index (17 min(s), 57 sec(s) ago)
(RTTNews) - U.S. NAHB Housing Market Index for April has been released at 10.00 am ET Thursday. Fo ...Full Story»

Dollar Mixed Ahead Of U.S. NAHB Housing Market Index (08 min(s), 57 sec(s) ago)
(RTTNews) - U.S. NAHB Housing Market Index for April will be published at 10.00 am ET Thursday. Ah ...Full Story»

U.S. Dollar Mixed After Retail Sales Data (38 min(s), 56 sec(s) ago)
(RTTNews) - The U.S. dollar showed a mixed trend against its major rivals during European deals on ...Full Story»

Dollar Falls After U.S. Retail Sales (47 min(s), 56 sec(s) ago)
(RTTNews) - The U.S. weekly jobless claims for the week ended April 10 and retail sales for March ...Full Story»

Dollar Mixed Ahead Of U.S. Retail Sales (41 min(s), 56 sec(s) ago)
(RTTNews) - The U.S. weekly jobless claims for the week ended April 10 and retail sales for March ...Full Story»

Search

FOREX NEWS

Franc Little Changed After Swiss Producer And Import Prices

04/16/2021 - 02:33 AM (RTTNews)
(RTTNews) - At 2.30 am ET Friday, Swiss producer and import prices for March have been released. F ...Full Story>>

Franc Advances Ahead Of Swiss Producer And Import Prices

04/16/2021 - 02:28 AM (RTTNews)
(RTTNews) - At 2.30 am ET Friday, Swiss producer and import prices for March are due. Ahead of the ...Full Story>>

Indian Rupee Rises To 8-day High Against U.S. Dollar

04/16/2021 - 02:20 AM (RTTNews)
(RTTNews) - The Indian rupee strengthened against the U.S. dollar in the morning session on Friday ...Full Story>>

Dollar Little Changed After U.S. NAHB Housing Market Index

04/15/2021 - 10:03 AM (RTTNews)
(RTTNews) - U.S. NAHB Housing Market Index for April has been released at 10.00 am ET Thursday. Fo ...Full Story>>

Dollar Mixed Ahead Of U.S. NAHB Housing Market Index

04/15/2021 - 09:55 AM (RTTNews)
(RTTNews) - U.S. NAHB Housing Market Index for April will be published at 10.00 am ET Thursday. Ah ...Full Story>>

Do not sell my personal information

Copyright © 2021. 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.