GBP exchange rate, UK job market news and analysis: The latest UK labor-market report contains a mixed bag of data, with average earnings, including bonuses, rising by 7.3 percent, which is higher than expected, but the jobless rate rising to 4.8 percent. In reaction, the GBP/USD pair briefly rose, but it now trades broadly flat, with little hint of a big break higher or lower.
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Following the release of UK jobs data, the GBP/USD exchange rate remained stable.
The latest UK jobs report left the pound fairly steady, with figures showing average earnings, including bonuses, climbing faster than expected but the unemployment rate unexpectedly rising to 4.8 percent from 4.7 percent.
Calendar from DailyFX
Take a look at this. What is the best way to read an economic calendar? The data haven’t affected the outlook for the GBP/USD considerably, and it’s still trading in a range between 1.3750 and 1.39 from a technical standpoint. GBP/USD Hourly Timeframe Price Chart (July 5-15, 2021) IG is the source. (You can enlarge it by clicking on it.) In other events, Bank of England Deputy Governor Dave Ramsden warned Wednesday that when the UK economy recovers from the Covid-19 outbreak, the Bank may begin to consider removing its monetary stimulus package sooner than previously envisaged due to rising inflation pressures. Ramsden, on the other hand, is considered as an outlier on the Bank’s Monetary Policy Committee, and his comments should not be interpreted as MPC policy. —- Martin Essex, Analyst, penned this article. Please feel free to contact me at @MartinSEssex on Twitter.
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