The Pound is in the “black” again. Overview for 16.06.2020

GBPUSD is reversing upwards amid the improvement of the market sentiment. 

On Tuesday afternoon, the British Pound is rising against the USD. The current quote for the instrument is 1.1330.

The statistics on the employment published by the United Kingdom earlier today made investors quite happy, at least because the numbers showed that the stress and consequences were slowly fading. The Unemployment Rate in April was 3.9%, the same as in March, although it was expected to rise up to 4.7%. The Claimant Count Change was 528K against the expected reading of 405K. However, if you remember the April reading (1.032M), everything turns out to be not very bad. 

The Average Earnings Index added 1.0% 3m/y, which is a bit worse than the expected reading of +1.4% 3m/y. 

One can see that the labor market conditions are getting worse and that is excellent support for the national currency. 

On top of everything else, local improvements of the market sentiment are also in favor of the Pound. While the USD is retreating, all other currencies have a good chance for a rebound.