Webinar: Live Data Coverage of UK Employment Report
- In this webinar, DailyFX Analyst and Editor Martin Essex discusses trade setups in British Pound crosses before and after the latest UK labor market data.
- Jobless rate fell to lowest since 1975 but earnings were weak.
- Check out our brand new Trading Guides: they’re free and have just been updated for the third quarter of 2017
UK average earnings rose by just 1.8% three-months year/year in May, in line with expectations but well below the 2.9% inflation rate – putting further pressure on domestic consumption. The unemployment rate eased to 4.5% from 4.6%, its lowest since 1975.
GBP/USD climbed on the report and the British Pound also strengthened against other currencies.
Chart: GBP/USD Five-Minute Timeframe (July 12, 2017)
However, the Pound could well fall back after Bank of England Deputy Governor Ben Broadbent warned in a newspaper interview that he is not yet ready to increase UK interest rates. For now at least, the hawks among the monetary policy team are likely to sit on the sidelines until they have further data releases to consider.
--- Written by Martin Essex, Analyst and Editor
To contact Martin, email him at email@example.com
Follow Martin on Twitter @MartinSEssex
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