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Forex: Sterling spike following unemployment data

This morning saw the release of UK unemployment data with the headline figure falling to 6.9%, far lower than the expected decline from 7.2% to 7.1%.  This has given sterling a shot in the arm taking GBPUSD back above the 1.6800 level at the time of writing and within touching distance of the fresh four year high it marked last week. What was most noticeable was that cable drifted higher and as the data release approached it had already risen some 40 pips or so before its dramatic spike following once the figure was announced.

More pressure will be put on the BOE now to justify keeping their benchmark interest rate at 0.5% into 2015.

Cable

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