Pound Firms As U.K. Jobless Rate Drops To Near 50-year Low
17 Mayo 2022 - 01:20AM
RTTF2
The pound appreciated against its major rivals in the European
session on Tuesday, as the nation's jobless rate fell to the lowest
level since 1974 in three months to March and optimism about a
gradual reopening in China's biggest city following a six-week
COVID-19 lockdown lifted European stock markets.
Data published from the Office for National Statistics showed
that the unemployment rate declined 0.3 percentage points
sequentially to 3.7 percent in three months to March, which was the
lowest since December 1974. Moreover, the rate remained below the
forecast of 3.8 percent.
Employment grew 121,000 from March to a record 29.5 million in
April.
The employment rate increased 0.1 percentage points on the
quarter to 75.7 percent in the first quarter.
In the first quarter, average earnings including bonuses grew
7.0 percent from the last year, well above the expected rate of 5.4
percent. However, excluding bonus, earnings were up 4.2 percent,
slower than the 4.1 percent expected growth.
European markets rose as China's financial hub Shanghai
announced a gradual reopening plan after reporting zero community
transmission for the third day.
The pound strengthened to 1.2487 against the dollar, its highest
level since May 5. Against the franc, it touched nearly a 4-week
high of 1.2444. The currency is likely to find resistance around
1.28 against the dollar and 1.28 against the franc.
Reversing from its early lows of 158.79 against the yen and
0.8475 against the euro, the pound rallied to an 8-day high of
161.60 and a 2-week high of 0.8393, respectively. If the pound
rises again, it may test resistance around 164.00 against the yen
and 0.82 against the euro.
Looking ahead, U.S. NAHB housing market index for May, business
inventories data for March, retail sales and industrial production
for April will be released in the New York session.
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