Great Britain Pound Lifted by UK Employment Data

The Great Britain pound climbed against its major peers today as employment data for July released from the United Kingdom was well-received by the Forex market, fueling talks about an interest rate hike from the Bank of England in a relatively near future.
There was a negative piece of data in the form of the unexpected increase of the number of unemployment claims. Yet the market focused on the good parts of the report. Among them were the surprise decrease of the unemployment rate compared to the previous reporting period and the stronger-than-expected wage growth. The mostly positive employment data supported the case for tighter monetary policy that should be beneficial for the UK currency.
GBP/USD climbed 1.2 percent from 1.5342 to 1.5521 as of 14:50 GMT today. GBP/JPY also jumped by 1.2 percent from 184.70 to 187.00.

If you have any questions, comments or opinions regarding the Great Britain Pound,
feel free to post them using the commentary form below.

Leave a Reply

Your email address will not be published. Required fields are marked *