The statistics help the Pound to rise. Overview for 21.03.2018

On Wednesday afternoon, GBPUSD is trading upwards after the UK reported on the labor market.

In the middle of the week, the British Pound is growing against the USD. The current quote for the instrument is 1.4069.

In the afternoon, the United Kingdom published several reports on the labor market. The numbers turned out to be better than expected and provided support to the national currency. The Unemployment Rate fell up to 4.3% in January after being 4.4% the month before, although it wasn’t expected to change at all. The Average Earnings Index expanded by 2.8% 3m/y after adding the same earlier and against the expected reading of +2.6% 3m/y.

However, other aspects of the British labor market remain unstable. The Claimant Count Change added 9.2K in February after losing 1.6K the month before and against the expected reading of -3.1K. It is worth noting that the January number was revised upwards, from -7.2K to -1.6K. It appears that the labor market isn’t doing very well, but it might be too early to start worrying. Still, investors paid little attention to this report, because it might be revised later quite seriously.

This afternoon, the Pound is being pressured by the USD, which is quite positive and waiting for the results of the US FOMC two-day meeting to be over later in the evening.

RoboForex Analytical Department