UK jobless claims rose by 10K in October. A very minor drop of 0.5K was expected after the drop of 4K last month (before revisions) in Claimant Count Change. The unemployment rate for October stands at 7.8%. It surprisingly dropped to 7.9% in August.
GBP/USD was trading around 1.5880 before the publication. The pair is now ticking higher, towards 1.59. The results are somewhat mixed, but the rise in jobless claims is a more recent figure, and could weigh on the pair. Update: the move upwards was limited and short-lived. We can see a drop sooner than later.
Yesterday, the UK reported a surprising jump in inflation, with headline CPI rising to 2.7%, close to the upper limit of the 1-3% target the Bank of England needs to achieve.
Later on today, the BOE will release its quarterly report, accompanied by a press conference by Mervyn King.
GBP/USD is struggling to rise after losing the 1.60 line earlier. For more lines and events, see the GBP/USD forecast.
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