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Forex News: Pound Spikes Up As Strong Employment Data Bolsters

Pound Spikes Up As Strong Employment Data Bolsters BoE Rate Hike Hopes

11/16/2021 - 04:34:00 (RTTNews)

(RTTNews) - The pound gained ground against its major counterparts in the European session on Tuesday, as the nation's employment rose in the third quarter, easing worries about the labor market and fueling hopes for a rate hike by the Bank of England in December.

Data from the Office for National Statistics showed that the employment rate increased 0.4 percentage points to 75.4 percent.

The unemployment rate decreased 0.5 percentage points on the quarter to 4.3 percent. The expected rate was 4.4 percent.

In July to September, annual growth in average total pay including bonuses logged an annual growth of 5.8 percent, bigger than the economists' forecast of 5.6 percent.

Excluding bonuses, average total pay advanced 4.9 percent annually versus the expected rate of 5 percent.

During August to October, the number of job vacancies continued to rise to a new record of 1,172,000, data showed.

In October, there were 29.3 million employees, up 160,000 on the revised September 2021.

Investors cheered constructive talks between United States President Joe Biden and Chinese President Xi Jinping, as both leaders emphasized the need to improve communication.

Biden said that both leaders should ensure that their competition "does not veer into conflict."

The pound touched a 6-day high of 1.3465 against the dollar, up from yesterday's close of 1.3410. Next key resistance for the pound is found around the 1.37 region.

The pound was up against the yen, at nearly a 2-week high of 153.88. At Monday's close, the pair was valued at 153.03. The pound may challenge resistance around the 155 level.

The pound moved up to near a 2-week high of 1.2464 against the franc and a fresh 2-week high of 0.8445 against the euro, from Monday's closing values of 1.2397 and 0.8470, respectively. On the upside, 1.28 and 0.83 are likely seen as its next resistance levels against the franc and the euro, respectively.

Looking ahead, Eurozone GDP and employment data for the third quarter are due in the European session.

U.S. retail sales, industrial production and import and export prices for October, business inventories for September and NAHB housing market index for November will be featured in the New York session.

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