About 10:30 markets got to know a report from the British labor market published by the National Statistics. The main index noted a positive change, and with it also some secondary indicators. See how popular cable reacted to the publication
Claimant count for September is down
The main part of the report of the British labor market – an indicator Claimant Count – shows change in the amount of unemployed in the thousands.
- Claimant count – 0,7k., Forecast 3,0k., Previously 2,4k.
- The August unemployment rate – 4.9% in line with expectations and the result of the previous
- Average weekly earnings – 2.3%, as expected, the result of last month, up to 2.4%
- Average earnings excluding bonus – 2.3% (the forecast and the result of the previous 2.1%). The result from the previous month also revised upwards to 2.2%
- Changing jobs – 106,000, predicted 76,000, previously 174,000
The report generally was positive and the conditions on the British labor market presents a relatively stable situation.
Pound sterling reacts with increases
After the publication of a positive report from the labor market sterling we have seen an appreciation and sharp rebound. GBPUSD at the time of publication gained 35 pips, testing the peaks of the Wednesday session (but unsuccessfully):
Similar reaction was visible on the EURGBP. Price stopped on the daily pivot and macroeconomic data gave a signal to declines. Stronger resistance short-term formed by Tuesday’s lows combined with M2 (mid-Pivot). If the mentioned level will be defeated, then we get a signal that the bulls at pound want to continue their yesterday’s upward rally against the euro: