After updating its March highs, GBPUSD is retreating and waiting for the news.
The British Pound is correcting against the USD on Wednesday. The current quote for the instrument is 1.3931.
The data published yesterday showed a significant improvement in the employment sector. for example, the Unemployment Rate went from 5.0% in January to 4.9% in February although it wasn’t expected to change. The Participation Rate decreased a little bit and was 75.1%.
The Claimant Count Change was 10.1K in March after being 67.3K the month before and against the expected reading of 24.5K.
The Average Earnings Index showed 4.5% 3m/y after being 4.8% 3m/y in the previous period and against the expected reading of 4.7% 3m/y. The indicator is still affected by low-paid job cuts for optimization in the midst of the coronavirus pandemic. The sector is supported by a state program that implies guaranteed increased unemployment payments, which is set to operate until the end of September 2021.
The statistics are quite positive given the fact that the United Kingdom is still locked down.
Later today, the United Kingdom will continue publishing macroeconomic statistics, such as the Consumer Price Index, which may show 0.8% y/y in March after being 0.4% y/y in February. In addition to that, there will be other reports on prices, for example, the PPI Input and Output, the Core CPI, the RPI, and the HPI.
Forecasts presented in this section only reflect the author’s private opinion and should not be considered as guidance for trading. RoboForex bears no responsibility for trading results based on trading recommendations described in these analytical reviews.