GBPUSD, 60min
UK labour data disappointed : The headline claimant count for March fell by 6.7k, short of the median forecast for a 12k decline while the February figure was revised to -9.3k from the -18k reported initially. The unemployment rate for February remained unchanged at the cycle low of 5.1%, as expected. The ex-bonus average household earnings figure in the three months to February was +1.8% y/y, down from 2.1% in the previous month and contrary to the Bloomberg survey’s median forecast for a rise to 2.3%. The bonus-included figure was unchanged at +2.2% y/y.
This was the first monthly increase in the jobless numbers since August 2015 the numbers will be scrutinized by both the UK government and the BoE. It will no doubt be quoted in the latest round of Brexit headlines too.
Sterling has taken a knock on the underwhelming data, and is presently showing a 0.3% decline on the day versus the euro, and a 0.2% loss against the dollar. GBPUSD currently trading at 1.4372 and EURGBP at 0.7904.
Janne Muta
Chief Market Analyst
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