News & Analysis at your fingertips.

We use a range of cookies to give you the best possible browsing experience. By continuing to use this website, you agree to our use of cookies.
You can learn more about our cookie policy here, or by following the link at the bottom of any page on our site. See our updated Privacy Policy here.

0

Notifications

Notifications below are based on filters which can be adjusted via Economic and Webinar Calendar pages.

Live Webinar

Live Webinar Events

0

Economic Calendar

Economic Calendar Events

0
Free Trading Guides
Subscribe
Please try again
EUR/USD
Bearish
Oil - US Crude
Bullish
Wall Street
Bearish
Gold
Bullish
GBP/USD
Bearish
USD/JPY
Bearish
Low
High
of clients are net long.
of clients are net short.
Long Short

Note: Low and High figures are for the trading day.

Data provided by
More View more
Real Time News
  • Commodities Update: As of 14:00, these are your best and worst performers based on the London trading schedule: Oil - US Crude: 0.93% Silver: 0.75% Gold: 0.72% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/g27Iwp8uPa
  • 🇺🇸 NAHB Housing Market Index (MAY) Actual: 83 Expected: 83 Previous: 83 https://www.dailyfx.com/economic-calendar#2021-05-17
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Silver are long at 90.00%, while traders in Germany 30 are at opposite extremes with 71.53%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/CRl85ShvFp
  • Commodities Update: As of 13:00, these are your best and worst performers based on the London trading schedule: Oil - US Crude: 0.78% Silver: 0.70% Gold: 0.56% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/2TtnMVtOFs
  • $EURUSD still battling at that fibo resistance 2167, another inflection this morning https://t.co/v1X3gN2RRX https://t.co/oMC1OvWkI7
  • Heads Up:🇺🇸 NAHB Housing Market Index (MAY) due at 14:00 GMT (15min) Expected: 84 Previous: 83 https://www.dailyfx.com/economic-calendar#2021-05-17
  • Indices Update: As of 13:00, these are your best and worst performers based on the London trading schedule: Germany 30: -0.01% France 40: -0.13% Wall Street: -0.29% US 500: -0.29% FTSE 100: -0.31% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/e0gUTLKXn0
  • The Pound saw a modest bout of buying as GBP had been underpinned by reduced political tail risks after the SNP failed to gain a majority at the Scottish Election. Get your $GBP market update from @JMcQueenFX here:https://t.co/bbxv0Aq2LJ https://t.co/LhP15IXDPp
  • it's a big week for $TSLA stock last week it gave up the trendline that's been in-play since last August This week, opening at the 38.2% retracement of the 2020/21 rally https://t.co/cUThTeLFN8
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Silver are long at 90.11%, while traders in Germany 30 are at opposite extremes with 74.44%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/lyppug4pkN
UK Unemployment Rate Drops to New Cyclical Low

UK Unemployment Rate Drops to New Cyclical Low

Martin Essex, MSTA, Analyst

Talking Points

- The UK unemployment rate dipped to its lowest for 42 years to 4.6% in March, below both the expected 4.7% and the previous month’s 4.7%

- Average weekly earnings (3m YoY) edged up to 2.4% from 2.3% but remained below the 2.7% headline inflation rate, suggesting a further squeeze on consumers.

- GBP/USD barely reacted to the data.

- Check out the DailyFX Economic Calendar and see what live coverage of key event risk impacting FX markets is scheduled for the week on the DailyFX Webinar Calendar.

The squeeze on UK consumers, the mainstay of the British economy, is continuing, with average weekly earnings (3m YoY) edging up to 2.4% from the prior 2.3% but remaining below the latest headline inflation figure of 2.7%. The number was as expected and GBP/USD barely moved on its release.

Moreover, excluding bonuses, there was an unexpected dip in average earnings to 2.1% from 2.2%, emphasizing the difficulties consumers face.

There was better news however in the accompanying jobs data, which showed an unexpected fall in the unemployment rate to a new cyclical low of 4.6% from the prior 4.7%. The claimant count rose to 19,400 from an upwardly revised 33,500 – worse numbers that the 7,500 increase predicted. Sterling, though, was barely affected, continuing to hover between 1.29 and the 1.30 round-number resistance level.

Chart: GBP/USD Five-Minute Timeframe (May 17 Intraday)

UK Unemployment Rate Drops to New Cyclical Low

Chart by IG

There was little to concern policymakers in the release and UK interest rates are still likely to remain unchanged for the foreseeable future.

--- Written by Martin Essex, Analyst and Editor

To contact Martin, email him at martin.essex@ig.com

Follow Martin on Twitter @MartinSEssex

If you’re looking for trading ideas in GBP and other currencies, check out our Trading Guides; they’re free and updated for the second quarter of 2017

If you’re looking for ideas more short-term in nature, check out the IG Client Sentiment Data

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

DISCLOSURES