Pound Climbs As UK Jobless Rate Remains At 43-year Low
15 Mayo 2018 - 1:22AM
RTTF2
The pound advanced against its major counterparts in early
European deals on Tuesday, after a data showed that the UK
unemployment rate remained unchanged at the lowest level since 1975
in the three months to March.
Data from the Office for National Statistics showed that the ILO
jobless rate remained at 4.2 percent in the first quarter, but down
from 4.6 percent a year ago. This was the joint lowest since
1975.
There were 1.42 million unemployed in the first quarter, which
was 46,000 fewer than for October to December period.
At the same time, the employment rate was 75.6 percent, the
highest since comparable records began in 1971.
Investors also kept an eye on the second round of trade talks
between the U.S. and China taking place this week.
The currency traded mixed against its major rivals in the Asian
session. While the pound rose against the greenback and the yen, it
held steady against the franc and the euro.
Following a decline to 148.58 against the yen at 4:15 am ET, the
pound edged up to 149.01. The next possible resistance for the
pound is seen around the 151.00 level.
Data from the Ministry of Economy, Trade and Industry showed
that Japan's tertiary activity index decreased at a
faster-than-expected pace in March.
The tertiary activity index dropped 0.3 percent month-over-month
in March, reversing a 0.1 percent rise in February. Economists had
expected a 0.2 percent fall for the month.
The pound bounced off to 1.3565 against the Swiss franc, from a
5-day low of 1.3526 hit at 4:00 am ET. The pound is seen finding
resistance around the 1.38 area.
The pound rose back to 0.8795 against the euro, after having
fallen to 0.8818 at 4:00 am ET. The pound is thus heading closer to
pierce a 4-day high of 0.8791 set at the beginning of today's
trading. On the upside, 0.86 is likely seen as the next resistance
level for the pound.
Flash estimate from Eurostat showed that Eurozone economy
expanded at a slower pace as previously estimated in the first
quarter.
Gross domestic product grew 0.4 percent sequentially in the
first quarter, slower than the 0.7 percent expansion seen a quarter
ago.
The pound recovered to 1.3559 against the greenback, from a low
of 1.3524 hit at 4:00 am ET. If the pound continues its rise, 1.37
is possibly seen as its next resistance level.
Looking ahead, Canada existing home sales for April, U.S. retail
sales for the same month, business inventories for March and NAHB
housing market index for May are scheduled for release in the New
York session.
At 12:45 pm ET, San Francisco Fed President John Williams speaks
at the Economic Club of Minnesota May Luncheon in Minneapolis.
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