GBP/USD: UK data mixed, pound on back foot, but is still ... - Scotiabank

Analysts at Scotiabank noted that the UK data reports were mixed, with unemployment data showing a decline in the unemployment rate to 4.2% (4.3% last) and weekly earnings data nudging up to 2.8% (from 2.6%). 

Key Quotes:

"Claimant count unemployment data were unchanged and jobless claims rose 11.2k, however."

"Short sterling contracts rallied this morning and the GBP slipped off the intraday high but UK rate hike probabilities for May remain elevated (85%)."

"Cable is trading well off its intraday high currently, in line with the EURUSD moves, but the broader tone of the pound is firm, with GBPUSD effectively trading around the Jan high still."

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