- The UK Unemployment Rate climbed to 3.9% in the quarter to January.
- The Claimant Count Change for Britain arrived at 16.8K in January.
- GBP/USD tests lows near 1.2800 after mixed UK jobs data.
The United Kingdom’s (UK) ILO Unemployment Rate rose to 3.9% in three months to January, a tad higher than the 3.8% in December, data published by the Office for National Statistics (ONS) showed Tuesday. The market expectations were for a 3.8% print in the reported period.
Additional details of the report showed that the number of people claiming jobless benefits rose by 16.8K in February when compared to a gain of 3.1K in January. The market forecast was for a 20.3K increase in the reported period.
The British Employment Change data for January arrived at -21K, as against a 72K rise in December.
Average Earnings excluding Bonus in the UK rose 6.1% 3M YoY in January versus December’s 6.2% increase, missing the market expectations of a 6.2% growth.
Another measure of wage inflation, Average Earnings including Bonus increased 5.6% in the reported period, compared with a 5.8% increase in December and the expected 5.7% growth.
The UK Secretary of State for Work and Pensions, Mel Stride MP, told FXStreet: “Our plan for the economy is working. Employment is up on the year, the number of people on payrolls is at a record high, and inactivity is falling. “But our work is not done. Our Back to Work Plan will help a million people to find, stay and succeed in employment. With the next generation of welfare reforms, we’re reducing the number of people on the highest tier of incapacity benefits by 371,000 – people who will now receive support back into work.”
“And with the tax cuts announced in last week’s Budget we will boost the labour force by the equivalent of 200,000 workers, while putting £900 back into the pockets of 27 million hardworking people,” Stride added.
GBP/USD reaction to the UK employment report
GBP/USD dropped to test 1.2800 on discouraging UK employment data. The pair is trading 0.05% lower on the day at 1.2805, as of writing.
Pound Sterling price today
The table below shows the percentage change of Pound Sterling (GBP) against listed major currencies today. Pound Sterling was the weakest against the Euro.
| USD | EUR | GBP | CAD | AUD | JPY | NZD | CHF | |
| USD | -0.06% | 0.11% | -0.04% | -0.01% | 0.43% | 0.00% | -0.04% | |
| EUR | 0.06% | 0.15% | 0.02% | 0.04% | 0.48% | 0.04% | 0.01% | |
| GBP | -0.11% | -0.14% | -0.12% | -0.09% | 0.32% | -0.08% | -0.13% | |
| CAD | 0.04% | -0.02% | 0.12% | 0.03% | 0.45% | 0.03% | -0.01% | |
| AUD | 0.01% | -0.06% | 0.11% | -0.03% | 0.44% | 0.00% | -0.04% | |
| JPY | -0.42% | -0.45% | -0.30% | -0.44% | -0.42% | -0.39% | -0.45% | |
| NZD | 0.00% | -0.05% | 0.09% | -0.02% | 0.00% | 0.43% | -0.03% | |
| CHF | 0.05% | 0.00% | 0.15% | 0.00% | 0.03% | 0.46% | 0.04% |
The heat map shows percentage changes of major currencies against each other. The base currency is picked from the left column, while the quote currency is picked from the top row. For example, if you pick the Euro from the left column and move along the horizontal line to the Japanese Yen, the percentage change displayed in the box will represent EUR (base)/JPY (quote).
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
EUR/USD stays below 1.0550 after mixed US data
EUR/USD stays under modest bearish pressure and trades below 1.0550 in the American session. Although the US Dollar struggles to gather strength following mixed macroeconomic data releases, the risk-averse market environment doesn't allow the pair to gain traction.
GBP/USD recovers modestly, trades near 1.2650
GBP/USD stabilizes near 1.2650 after falling toward 1.2600 earlier in the day. Nevertheless, the pair struggles to gather bullish momentum as the deepening Russia-Ukraine conflict causes investors to stay away from risk-sensitive assets.
Gold extends gains beyond $2,660 amid rising geopolitical risks
Gold extends its bullish momentum further above $2,660 on Thursday. XAU/USD rises for the fourth straight day, sponsored by geopolitical risks stemming from the worsening Russia-Ukraine war. Markets await comments from Fed policymakers.
BTC hits an all-time high above $97,850, inches away from the $100K mark
Bitcoin hit a new all-time high of $97,852 on Thursday, and the technical outlook suggests a possible continuation of the rally to $100,000. BTC futures have surged past the $100,000 price mark on Deribit, and Lookonchain data shows whales are accumulating.
A new horizon: The economic outlook in a new leadership and policy era
The economic aftershocks of the COVID pandemic, which have dominated the economic landscape over the past few years, are steadily dissipating. These pandemic-induced economic effects are set to be largely supplanted by economic policy changes that are on the horizon in the United States.
Best Forex Brokers with Low Spreads
VERIFIED Low spreads are crucial for reducing trading costs. Explore top Forex brokers offering competitive spreads and high leverage. Compare options for EUR/USD, GBP/USD, USD/JPY, and Gold.