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Forex News: Sterling Climbs Despite Rise in UK Jobless Claims

Forex News: Sterling Climbs Despite Rise in UK Jobless Claims

Benjamin Spier, Technical Strategist

THE TAKEAWAY: UK jobless claims in October unexpectedly rise to 10,100 -> Unemployment for July through September drops to 7.8% -> Sterling trading slightly higher

The amount of people in the UK claiming to be out of work rose at the sharpest rate in over a year in October, according to the UK Office for National Statistics. 10,100 more people found themselves out of work as opposed to expectations for no change in jobless claims; the jobless claims for September was revised to 800 more people out of work from an initial estimate of a drop in unemployment by 4,000.

The unemployment rate for July through September was 7.8%, better than an expectation for the unemployment rate to remain at 7.9%. There was a total of 2.51 million people unemployed in October, which was down 49,000 from the April through June period. Regular pay, excluding bonuses, rose by 1.9% in the July through September period from a year earlier.

Although the data was worse than expected, the effect did not significantly bring down the British Pound in currency markets, as macro themes drove risk correlated currencies slightly higher in the European session. GBPUSD is trading slightly below the key 1.5900 figure, where resistance could be provided by the 61.8% retracement of the decline in May.

GBPUSD 15-minute: November 14, 2012

Sterling_Climbs_Despite_Rise_in_UK_Jobless_Claims_body_gbpusd.png, Forex News: Sterling Climbs Despite Rise in UK Jobless Claims

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