Pound Doesn’t Move Far After Confusing Employment Data

The Great Britain pound traded in a narrow range today, not moving far from the opening level, as mixed employment data did not give a reason for the currency to go either up or down.

According to the report released today, average weekly earnings rose 2.3% in three months through September from the same period a year ago, matching forecasts and the same as in the previous reporting period. The unemployment rate slipped unexpectedly from 4.9% to 4.8%, the lowest level since 2005. Yet the claimant count proved to be a negative part of the report, showing an increase by 9,800 in October from the preceding month whereas analysts had anticipated much smaller growth in the neighborhood of 2,000.

GBP/USD traded at 1.2442 as of 11:06 GMT today after opening at 1.2452 and rising to the daily high of 1.2501. EUR/GBP was not far from its opening level of 0.8608.

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