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GBP Boosted by Robust UK Jobs Data; Inflation, Brexit Loom | Webinar

GBP Boosted by Robust UK Jobs Data; Inflation, Brexit Loom | Webinar

Nick Cawley, Strategist

GBP Latest News and Analysis

  • UK jobs market continues to hit multi-decade unemployment lows.
  • Wages data shows price pressures are not yet visible.
  • Inflation data and Brexit vote will now steer GBP over the next two days.

The latest IG Client Sentiment Report shows that while retail remain long of GBPUSD – normally a contrarian negative signal – recent changes in net-long and net-short positions give GBPUSD a positive signal.

The latest UK jobs release showed the economy creating another 146,000 jobs 3m/3m in April while the unemployment rate remained at a multi-decade low of 4.2%. Even more encouraging, the claimant count turned negative 7,700 in May compared to a downwardly revised positive 28,200 (from 31,200) in April. UK wages edged a fraction lower with weekly average earnings falling to 2.5% and weekly average earnings ex-bonus down to 2.8%, both down by 0.1%.

Sterling trader’s attention will now turn to Tuesday’s UK inflation release at 08:30 GMT and the outcome of the House of Commons vote on the EU Withdrawal bill amendments. GBPUSD moved back above 1.3400 post-release but any further move higher will be tempered by upcoming data and Brexit talk.

We will be covering the UK Inflation Release Live from 08:15 GMT.

GBPUSD Four Hour Price Chart (May 10 - June 12, 2018)

GBP Boosted by Robust UK Jobs Data; Inflation, Brexit Loom | Webinar

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--- Written by Nick Cawley, Analyst

To contact Nick, email him at nicholas.cawley@ig.com

Follow Nick on Twitter @nickcawley1

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

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