UK post-Brexit jobless claims fall 8.6K – GBP rises

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Brexit had no impact on the jobs market, not yet: Claimant Count Change falls by 8.6K, much better than expected. The rest of the figures, for the month of June (pre-Brexit) came out as expected. The unemployment rate is 4.9%, wages are up 2.4% and 2.3% excluding bonuses.

GBP/USD is rising, challenging resistance at 1.3060. Will it move to even higher ground? Further resistance awaits at 1.3150.

The United Kingdom was expected to report a rise of 9.5K in the number of jobless claims in July, the first full month after the historic Brexit decision. That is more than 0.4K seen in June (before revisions). The unemployment rate for June was predicted to remain unchanged at 4.9%. Average hourly earnings for June as well were expected to advance 2.4% y/y after 2.3% beforehand. Also, wages excluding bonuses were projected to accelerate from 2.2% to 23%.

GBP/USD traded steadily above 1.30, sliding from the highs seen yesterday, which saw higher than expected inflation data

GBPUSD August 17 2016 claimant count change

More: GBP/USD tops 1.30 – sell opportunity

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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 the 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.

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