The pound is growing
16.09.2015
The pound is growing
The GBP/USD pair is trading with an increase in the afternoon on Wednesday, amid unexpectedly pleasant statistics on the labour market in the UK.
On Wednesday the British Pound is growing, thus overshadowing yesterday’s mass sale. At the moment the GBP/USD pair is trading around the 1.5425 mark.
According to statistics released today, unemployment in the UK in July, according to calculations by ILO, was 5.5% vs. the expected 5.6%. The components of the release states that the average earnings of an Englishman in July rose by 2.9% against the forecast of growth by 2.5%. The number of claims for unemployment benefits in August increased by 1.2 thousand against expectations of a decline by 5 thousand.
ILO calculations of the unemployment rate are usually close to the official statistics, but there are differences. In any case, you can get an idea of what is happening in the UK labour market. Overall, all is well, and if this trend will be reflected in the traditional report, the pound will receive additional support.
For the pound, like for other traded currencies, the results of the September meeting of the US Federal Reserve are very important. The first reaction in any case will be against the GBP and in favour of the dollar, and only then the investors will begin to understand what's what. Investors need to be ready for the sharp fluctuations in the foreign exchange market.
Frankly, investors are tired of waiting. Therefore, all the fluctuations will be rapid and large-scale, and then the market will return to normal.
RoboForex Analytical Department
The GBP/USD pair is trading with an increase in the afternoon on Wednesday, amid unexpectedly pleasant statistics on the labour market in the UK.
On Wednesday the British Pound is growing, thus overshadowing yesterday’s mass sale. At the moment the GBP/USD pair is trading around the 1.5425 mark.
According to statistics released today, unemployment in the UK in July, according to calculations by ILO, was 5.5% vs. the expected 5.6%. The components of the release states that the average earnings of an Englishman in July rose by 2.9% against the forecast of growth by 2.5%. The number of claims for unemployment benefits in August increased by 1.2 thousand against expectations of a decline by 5 thousand.
ILO calculations of the unemployment rate are usually close to the official statistics, but there are differences. In any case, you can get an idea of what is happening in the UK labour market. Overall, all is well, and if this trend will be reflected in the traditional report, the pound will receive additional support.
For the pound, like for other traded currencies, the results of the September meeting of the US Federal Reserve are very important. The first reaction in any case will be against the GBP and in favour of the dollar, and only then the investors will begin to understand what's what. Investors need to be ready for the sharp fluctuations in the foreign exchange market.
Frankly, investors are tired of waiting. Therefore, all the fluctuations will be rapid and large-scale, and then the market will return to normal.
RoboForex Analytical Department
Attention!
Forecasts presented in this section only reflect the author’s private opinion and should not be considered as guidance for trading. RoboForex bears no responsibility for trading results based on trading recommendations described in these analytical reviews.