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British Pound Unlikely to Heed UK Jobless Claims Data

British Pound Unlikely to Heed UK Jobless Claims Data

Talking Points:

  • UK jobless claims unlikely to inspire strong British Pound response
  • Yen sinks, commodity Dollars rise as S&P 500 futures trade higher
  • Looming US data may limit follow-through on overnight momentum

UK jobless claims data headlines an otherwise quiet economic calendar in European trading hours. A small increase is expected, but the outcome seems unlikely to generate lasting follow-through from the British Pound considering its limited impact on the direction of near-term BOE monetary policy.

The Japanese Yen underperformed in overnight trade, with prices mirroring a rebound in S&P 500 futures and hinting at recovering risk appetite as the catalyst at work. Tellingly, the sentiment-linked Australian, Canadian and New Zealand Dollars proved to be best-supported.

A lull in high-profile event risk offers relatively few barriers to disrupt established momentum, hinting that overnight moves may carry forward in the hours ahead. The degree of follow-through may ultimately prove limited however as traders look ahead to top-tier US data on the horizon.

Losing money trading in the FX market? This might be why.

Asia Session

21:30NZDREINZ House Sales (YoY) (AUG)-3.1%--10.1%
22:45NZDBoP Current Account Balance (2Q)-0.945b-0.295b1.184b
22:45NZDCurrent Account GDP Ratio YTD (2Q)-2.9%-2.6%-3.1%
00:30AUDWestpac Consumer Conf Index (SEP)101.4-101
00:30AUDWestpac Consumer Conf SA (MoM) (SEP)0.3%-2.0%
02:00JPYTokyo Condominium Sales (YoY) (AUG)-24.7--30.7%
04:30JPYIndustrial Production (MoM) (JUL F) -0.4%-0.0%
04:30JPYIndustrial Production (YoY) (JUL F) -4.2%--3.8%
04:30JPYCapacity Utilization (MoM) (JUL)0.6%-1.5%

European Session

08:30GBPClaimant Count Rate (AUG)2.2%2.2%Medium
08:30GBPJobless Claims Change (AUG)1.8k-8.6kMedium
08:30GBPAverage Weekly Earnings (3M/YoY) (JUL)2.1%2.4%Low
08:30GBPWeekly Earnings ex Bonus (3M/YoY) (JUL)2.2%2.3%Low
08:30GBPILO Unemployment Rate (3Mths) (JUL)4.9%4.9%Low
08:30GBPEmployment Change (3M/3M) (JUL)171k172kLow
09:00EUREurozone Industrial Production (MoM) (JUL)-1.0%0.6%Medium
09:00EUREurozone Industrial Production (YoY) (JUL)-0.8%0.4%Medium
09:00CHFCredit Suisse ZEW Survey Expectations (SEP)--2.8Low

Critical Levels

CCYSupp 3Supp 2Supp 1Pivot PointRes 1Res 2Res 3

--- Written by Ilya Spivak, Currency Strategist for

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DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.