TheÂ GBP/USD currency pair today traded lower after theÂ release ofÂ mixed UK labour market report inÂ theÂ early European session. TheÂ currency pair cemented its losses during theÂ early American session after theÂ release ofÂ upbeat US housing data amid aÂ resurgence inÂ US dollar demand.
TheÂ GBP/USD currency pair today lost over 70 points toÂ decline from aÂ high ofÂ 1.4377 toÂ trade atÂ aÂ low ofÂ 1.4304 atÂ theÂ time ofÂ writing.
TheÂ currency pair declined from fresh 2018 tops registered earlier today following theÂ release ofÂ theÂ UK labour market report byÂ theÂ Office forÂ National Statistics. TheÂ report indicated that average weekly earnings including bonuses grew atÂ anÂ annualized 2.8%, which was lower than theÂ expected 3.0% print. TheÂ ILO unemployment rate came inÂ atÂ 4.2%, which was slightly lower than theÂ expected 4.3% figure. TheÂ claimant count rate rose byÂ 11,600 beating expectations andÂ was much lower than theÂ previous figure ofÂ 15,100. TheÂ employment change figures also met expectations, but could not reverse theÂ negative impact ofÂ theÂ earnings data.
TheÂ release ofÂ theÂ US housing starts data byÂ theÂ Census Bureau early inÂ theÂ American session further contributed toÂ theÂ pair’s decline. TheÂ housing starts came inÂ atÂ 1.319 million inÂ March beating expectations, while theÂ building permits came inÂ atÂ 1.354 million, also exceeding consensus estimates. TheÂ US industrial production data also beat expectations.
TheÂ currency pair’s future performance is likely toÂ be influenced byÂ tomorrow’s UK CPI data andÂ theÂ US MBA mortgage applications data.
TheÂ GBP/USD currency pair was trading atÂ 1.4308 asÂ atÂ 15:34 GMT having dropped from aÂ high ofÂ 1.4377. TheÂ GBP/JPY currency pair was trading atÂ 153.25 having declined from aÂ high ofÂ 153.75.
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