Home UK jobs claims drop – GBP ticks up
Forex News Today: Daily Trading News

UK jobs claims drop – GBP ticks up

Slightly better than expected data from the UK: the Claimant Count  Change is at -2.4K, better than expected for April. Wages are mixed, with a beat on average  hourly earnings at 2% y/y, but when excluding bonuses, we have a slide to 2.1%, worse than expected. The unemployment rate remains at 5.1% in the month of March, exactly as predicted.

GBP/USD moves up above 1.4440. Resistance awaits at 1.4510 and support is at 1.4350. This is the second top-tier figure this week. We still have retail sales coming out tomorrow morning.

The UK was expected to report a  rise of 1.7% y/y in wages for the month of March, down from 1.8% beforehand. Excluding bonuses a rise of 2.3% was predicted, up from 2.2% in February. The unemployment rate was predicted to remain unchanged at 5.1%. Jobless claims carried expectations for rising by 4.3K in April after 6.7K in March.

GBP/USD was showing relative strength thanks to  the latest opinion polls showing a good chance for the UK to remain in the EU. The  pound is in the Remain camp. Yet another opinion poll coming this morning shows the Remain camp leading 44% to 44% over the Leave camp. It’s a YouGov poll for The Times.

Yesterday the  but this was short-lived as  politics has  the first and last word in pound trading.

GBPUSD May 18 2016 technical chart

Yohay Elam

Yohay Elam

Yohay Elam: Founder, Writer and Editor I have been into forex trading for over 5 years, and I share the experience that I have and the knowledge that I've accumulated. After taking a short course about forex. Like many forex traders, I've earned a significant share of my knowledge the hard way. Macroeconomics, the impact of news on the ever-moving currency markets and trading psychology have always fascinated me. Before founding Forex Crunch, I've worked as a programmer in various hi-tech companies. I have a B. Sc. in Computer Science from Ben Gurion University. Given this background, forex software has a relatively bigger share in the posts.