Pound Rises, Shrugs Off Negative Jobs Data

The Great Britain pound rose even though UK employment data released today was detrimental to the currency for the most part.
The number of people claiming unemployment related benefits rose by 3,000 in October from September, two times the forecast number of 1,600. Average weekly earnings grew 3.0 percent in the period from July to September compared to the same period a year ago, trailing the analysts’ estimate of 3.2 percent growth. The only positive indicator was the unemployment rate that unexpectedly ticked down by 0.1 percentage point to 5.3 percent in September.
Despite the news, GBP/USD climbed from 1.5115 to 1.5166 and GBP/JPY rallied from 186.11 to 186.74 as of 12:05 GMT today.

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