- UK May jobless claims changed +528.9K vs +370K expected.
- The UK wages excluding bonuses rose by 1.7% YoY vs. +1.9% expected.
- The unemployment rate in the UK steadied at 3.9% in April.
The Office for National Statistics (ONS) showed on Tuesday, the UK’s official jobless rate remained unchanged from the previous 3.9% in April, while the claimant count change showed a much bigger-than-expected increase last month.
The number of people claiming jobless benefits rose by 528.9K in May, against expectations +370K and +1032.7K (revised down from +856.5K) seen previously. The claimant count rate jumped to 7.8% vs. 5.8% last.
The UK’s average weekly Earnings, excluding bonuses, arrived at +1.7% 3Mo/YoY in April versus +2.7% last and +1.9% expected while the gauge including bonuses came in at +1.0% 3Mo/YoY in April versus +2.4% previous and +1.4% expected.
About UK jobs
The UK Average Earnings released by the Office for National Statistics (ONS) is a key short-term indicator of how levels of pay are changing within the UK economy. Generally speaking, the positive earnings growth anticipates positive (or bullish) for the GBP, whereas a low reading is seen as negative (or bearish).
GBP/USD reaction
Mixed UK jobs data failed to impress the GBP further, as GBP/USD held onto its recovery gains around 1.2665 region. The spot hit a fresh four-day high at 1.2687 in the last hour.
GBP/USD levels to watch
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended content
Editors’ Picks
AUD/USD focuses on the 0.6800 hurdle
AUD/USD extended its bullish stance and rose to four-day highs north of the 0.6700 hurdle on Thursday, all in response to the marked offered stance in the US Dollar and strong sentiment in the risk-associated universe.
USD/JPY slides below mid-141.00s, seems vulnerable near YTD low amid bearish USD
The USD/JPY pair weakens further below mid-141.00s during the Asian session on Friday and has now moved back closer to the YTD low touched earlier this week. Moreover, the fundamental backdrop seems tilted firmly in favor of bearish traders and supports prospects for an extension of a well-established downtrend witnessed over the past two months or so.
Gold retains gains near fresh record highs
Gold maintains its bullish bias amidst the mild pullback in the Greenback and trades at a new record high at around $2,550. The data from the US showed that the annual producer inflation declined to 1.7% in August from 2.1% in July.
Ripple jumps after Grayscale launches XRP trust in the US
Ripple (XRP) rallied as much as 10% on Thursday following the announcement of a new vehicle for institutional investment. The altcoin corrected and has sustained 4% gains for now. Asset management giant Grayscale announced the creation of a single-asset investment fund for XRP.
European Central Bank widely expected to cut interest rates in September
The European Central Bank is expected to cut key rates by 25 bps at the September policy meeting. ECB President Christine Lagarde’s presser and updated economic forecasts will be closely scrutinized for fresh policy cues.
Moneta Markets review 2024: All you need to know
VERIFIED In this review, the FXStreet team provides an independent and thorough analysis based on direct testing and real experiences with Moneta Markets – an excellent broker for novice to intermediate forex traders who want to broaden their knowledge base.