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Sep 13 - 04:55 AM

GBP/USD - Hits 2-Week High On 48-Year Low For UK Jobless Rate

By Rob Howard  —  Sep 13 - 02:35 AM
  • GBP/USD rises to 1.1728 after UK jobless rate unexpectedly falls to 3.6%

  • 3.6% is lowest since 1974. 3.8% was f/c nAQN1Q2MCG. 1.1728 = two-week high

  • UK earnings slightly hotter than expected too, 5.5% vs 5.4% f/c nAPN0PQ9GM

  • Jobless rate/earnings data buoys hawks advocating 75 bps BoE hike on Sept 22

  • 1.1680-1.1706 was cable range in Asia, pre-UK data. 1.1710 was Monday's high

  • Resistance levels include 1.1739, 38.2% Fibo of 1.2277-1.1407, and 1.1761

Source:
Refinitiv IFR Research/Market Commentary

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