TheÂ British pound today rallied higher following theÂ release ofÂ theÂ latest UK employment report, which had mixed results. TheÂ GBP/USD currency pair later gave up most ofÂ its gains, but rallied higher inÂ theÂ American session asÂ theÂ UK Parliament voted onÂ aÂ crucial Brexit bill.
TheÂ GBP/USD currency pair today rallied from aÂ low ofÂ 1.3340 toÂ anÂ intra-day high ofÂ 1.3419 after theÂ jobs report, before declining forÂ aÂ few hours then rallying toÂ another high ofÂ 1.3425 after theÂ House of Commons vote.
TheÂ currency pair rallied higher inÂ theÂ early European session after theÂ UK’s Office forÂ National Statistics released its latest labour market report. TheÂ jobs report was mixed asÂ average weekly earnings came inÂ atÂ 2.5% onÂ aÂ quarterly andÂ annualized rate inÂ April missing expectations byÂ 0.1%. However, theÂ number ofÂ jobless claims dropped unexpectedly by 7,700 claimants asÂ compared toÂ theÂ previous reading ofÂ 28,200 claimants. TheÂ number of jobs added inÂ theÂ 3 months toÂ April also beat expectations byÂ coming inÂ atÂ 146,000 versus theÂ expected 110,000 new jobs.
TheÂ pair headed lower inÂ theÂ American session after theÂ release ofÂ theÂ US CPI data, byÂ theÂ Bureau ofÂ Labor Statistics, which met expectations. TheÂ UK government’s success inÂ overturning several amendments made toÂ theÂ critical EU withdrawal bill byÂ theÂ House ofÂ Lords through votes byÂ theÂ UK Parliament triggered theÂ currency pair’s second rally.
TheÂ currency pairs future performance is likely toÂ be affected byÂ tomorrow’s UK CPI data andÂ US FOMC rate decision.
TheÂ GBP/USD currency pair was trading atÂ 1.3375 asÂ atÂ 18:04 GMT having dropped from aÂ high ofÂ 1.3425. TheÂ GBP/JPY currency pair was trading atÂ 147.66 having rallied from aÂ low ofÂ 147.10.
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