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British Pound Unlikely to Heed UK Jobless Claims Data

British Pound Unlikely to Heed UK Jobless Claims Data

Ilya Spivak, Head Strategist, APAC

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

GMT

CCY

EVENT

ACT

EXP

PREV

21:30

NZD

REINZ House Sales (YoY) (AUG)

-3.1%

-

-10.1%

22:45

NZD

BoP Current Account Balance (2Q)

-0.945b

-0.295b

1.184b

22:45

NZD

Current Account GDP Ratio YTD (2Q)

-2.9%

-2.6%

-3.1%

00:30

AUD

Westpac Consumer Conf Index (SEP)

101.4

-

101

00:30

AUD

Westpac Consumer Conf SA (MoM) (SEP)

0.3%

-

2.0%

02:00

JPY

Tokyo Condominium Sales (YoY) (AUG)

-24.7

-

-30.7%

04:30

JPY

Industrial Production (MoM) (JUL F)

-0.4%

-

0.0%

04:30

JPY

Industrial Production (YoY) (JUL F)

-4.2%

-

-3.8%

04:30

JPY

Capacity Utilization (MoM) (JUL)

0.6%

-

1.5%

European Session

GMT

CCY

EVENT

EXP

PREV

IMPACT

08:30

GBP

Claimant Count Rate (AUG)

2.2%

2.2%

Medium

08:30

GBP

Jobless Claims Change (AUG)

1.8k

-8.6k

Medium

08:30

GBP

Average Weekly Earnings (3M/YoY) (JUL)

2.1%

2.4%

Low

08:30

GBP

Weekly Earnings ex Bonus (3M/YoY) (JUL)

2.2%

2.3%

Low

08:30

GBP

ILO Unemployment Rate (3Mths) (JUL)

4.9%

4.9%

Low

08:30

GBP

Employment Change (3M/3M) (JUL)

171k

172k

Low

09:00

EUR

Eurozone Industrial Production (MoM) (JUL)

-1.0%

0.6%

Medium

09:00

EUR

Eurozone Industrial Production (YoY) (JUL)

-0.8%

0.4%

Medium

09:00

CHF

Credit Suisse ZEW Survey Expectations (SEP)

-

-2.8

Low

Critical Levels

CCY

Supp 3

Supp 2

Supp 1

Pivot Point

Res 1

Res 2

Res 3

EUR/USD

1.1116

1.1172

1.1196

1.1228

1.1252

1.1284

1.1340

GBP/USD

1.2888

1.3061

1.3127

1.3234

1.3300

1.3407

1.3580

--- Written by Ilya Spivak, Currency Strategist for DailyFX.com

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

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