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Forex - GBP/USD higher after BoE minutes, U.K. jobs data

ForexApr 18, 2012 07:57AM ET
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Investing.com - The pound was trading close to a two-week high against the U.S. dollar on Wednesday, as Bank of England meeting minutes dampened expectations for more monetary easing, while robust U.K. employment data also boosted sterling.

GBP/USD hit 1.5994 during European afternoon trade, the pair’s highest since April 3; the pair subsequently consolidated at 1.5972, gaining 0.31%.

Cable was likely to find support at 1.5894, the session low and resistance at 1.6000, the high of March 27.

Investors trimmed back expectations for another round of monetary easing by the BoE after the minutes of the central bank’s April meeting showed that only one policymaker voted in favor of increasing monetary easing this month.

In March, two out of the nine member monetary policy committee favored increasing economic stimulus measures.

Meanwhile, official data showed that the number of people claiming unemployment benefits in the U.K. rose less-than-expected last month, while the unemployment rate ticked down unexpectedly.

The Office for National Statistics said that the claimant count rose by a seasonally adjusted 3,600 in March, below expectations for an increase of 7,000.

The previous month’s figure was revised down to an increase of 4,500 from a previously reported gain of 7,200.

The rate of unemployment ticked down to 8.3% from 8.4% in February, which was the highest since 1995.

The pound was hovering close to a 19-month high against the euro, with EUR/GBP shedding 0.63% to hit 0.8191.

The euro remained under pressure ahead of an auction of two and 10-year Spanish government bonds on Thursday, amid uncertainty over whether the government will be able to reduce one of the largest deficits in the euro zone as the economy slides into a recession.

Forex - GBP/USD higher after BoE minutes, U.K. jobs data

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