At 10:30, the UK Office for National Statistics (ONS) published data for January from the local labor market, where unemployment fell to 4.3% after rising to 4.4% in December. Earlier, however, the unemployment rate at 4.3% has been maintained since July this year.
Optimistic data also apply to the average daily salary including bonuses. The January reading indicates that it increased by 2.8%, and the forecast assumed an increase of only 2.6%. In addition, the previous reading has been positively revised (from 2.5% to 2.7%).
On the other hand, the number of applications for unemployment benefits for February this year is not very good. The number of persons who applied for benefits increased by 9.2 thousand, with the forecast at the level of -3,1 thousand. and the revised upward reading in the amount of -1.6 thou. applications (previously -7.2 k).
Pound towards weekly highs
The pound sterling in relation to the US dollar is strengthening after data from the British labor market. Currently yesterday’s maxima are tested, but it seems that the rate will reach the Monday’s high soon.
In addition, the average range (88-pips) that was recorded at GBPUSD in the last 14 days falls around this level. Data from the labor market are obviously important for the cable, but you can not forget about the evening FOMC, which should give the pair direction for the next days.