| Online: | |
| Visits: | |
| Stories: |
| Story Views | |
| Now: | |
| Last Hour: | |
| Last 24 Hours: | |
| Total: | |
UK Unemployment Falls to 7 Year Low! (Matthew Vassallo)
It’s been a busy morning for the UK with a host of employment data released, along with a public address by Bank of England (BoE) governor Mark Carney. We’ve see some fluctuation on Sterling exchange off the back of these releases, with the Pound gaining position against the EUR, USD & AUD.
All eyes were focused on the UK unemployment figure, which came out better than expected for a second consecutive month. The official figure of 5.3% has moved the unemployment rate to a 7 year low, which is further evidence that the UK economic recovery is still firmly on track. This is particularly encouraging when you consider unemployment levels, along with inflation figures has been one of the primary concerns for the BoE over the past couple of years. It wasn’t all positive news for the UK however, with the average earnings coming out worse than expected at 2.5%. It was interesting to note that GBP/EUR levels did not improve initially following news that unemployment had fallen, probably due to the average earning figures, which initially diluted any positive move for the Pound.
The catalyst for Sterling’s improvement was BoE governor Mark Carney’s public address, where he remained bullish regarding most aspects of the UK economy. He highlighted our Manufacturing sector as a major positive, which has shown continued improvement over the past 12 months.
In reference to David Cameron’s recent statement, which set out guidelines for our future participation in the EU, I thought it was poignant that Carney stated regardless of the decision of 2017’s EU referendum the UK economy would continue to flourish. He went on to say that the ‘UK has enough domestic strength to overcome foreign weakness’, which will help to alleviate investor concerns over the negative impact of the on-going Eurozone debt crisis.
This led to market gains for Sterling, although with a UK interest rate hike now firmly on the backburner, I do expect both the EUR and USD to find support around the current levels.
If you have an upcoming currency requirement and would like to be kept up to date with all the latest market movements, or simply wish to compare our award winning exchange rates with your current provider, then please feel free to contact me on [email protected]
Source: http://www.poundsterlingforecast.com/2015/11/11/uk-unemployment-falls-to-7-year-low-matthew-vassallo/
That’s really poor things, but for me it is happy thing given I was correct in what i thought likely to happen. I am usually doing long term trading where I get a lot of boost by swap free account by OctaFX broker, it saves me from having to waste money for overnight trades and when there is no pressure of closing the trade, it help us get full potential from it which is not something too common especially with new comers.