UK labor data beat estimates handily sending cable to session highs as employment situation appears to improving raising hopes amongst investors of better growth in 2013. UK claimant count printed at -3K versus estimates of 7K while the claimant count rate remained at 4.8% as expected. The unemployment rate also remained the same at 7.8% but the ILO jobless numbers fell by 82K for the three months through October. The one sour note in the report was that average earnings rose only 1.8% versus 1.9% forecast as wage pressures continue to weigh on UK workers.
Still, the overall labor report was certainly an upside surprise given the lackluster rate of recent economic data that suggested UK may dip into a triple dip recession in Q4 of this year. Private sector employment has now reached its highest levels since 1999. The labor data suggest that aggregate demand in UK may be better than the market consensus as the anticipated post-Olympics layoffs have not materialized. If labor data numbers continue to improve for the next several months, economic activity is sure to follow and the prospect of yet another contraction will be greatly diminished.
Cable responded well to the news rising to session highs of 1.6130, but the pair is likely to stall at these levels ahead of major triple top resistance at 1.6150. With focus turning to the FOMC meeting later today, currency markets are likely to tread water until traders get more clarity from Dr. Bernanke and Co. but if the Fed maintains a dovish bias the 1.6150 level will likely be broken as the day proceeds.
- English (UK)
- English (India)
- English (Canada)
- English (Australia)
- English (South Africa)
- English (Philippines)
- English (Nigeria)
- Deutsch
- Español (España)
- Español (México)
- Français
- Italiano
- Nederlands
- Português (Portugal)
- Polski
- Português (Brasil)
- Русский
- Türkçe
- العربية
- Ελληνικά
- Svenska
- Suomi
- עברית
- 日本語
- 한국어
- 简体中文
- 繁體中文
- Bahasa Indonesia
- Bahasa Melayu
- ไทย
- Tiếng Việt
- हिंदी
Better Labor Data Sends Cable To Session Highs
Published 12/12/2012, 06:26 AM
Updated 07/09/2023, 06:31 AM
Better Labor Data Sends Cable To Session Highs
UK Labor data beats
Latest comments
Loading next article…
Install Our App
Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.