Pound Sterling Price News and Forecast: GBP trades mixed after steady UK employment report

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British Pound trades mixed after steady UK employment report, CPI data eyed

The British Pound (GBP) reflects a mixed performance against its currency peers after the release of the United Kingdom (UK) labor market data for three months ending July.

The Office for National Statistics (ONS) reported that the economy created 67K fresh jobs, lower than 83K in three months ending June. The ILO Unemployment Rate remained steady at 4.9%, while it was expected to increase to 5%. Read more...

British Pound pushes against five-week lows following mixed UK employment data

The British Pound (GBP) extends losses against the US Dollar (USD) on Tuesday, with the GBP/USD pair hovering a few pips above five-week lows near 1.3465 at the London session opening times. Mixed UK employment figures have failed to support the Pound, while the adverse monetary policy divergence between the Bank of England (BoE) and the Federal Reserve (Fed) keeps weighing on the pair with key monetary policy decisions ahead.

UK employment data released on Tuesday showed that the ILO Unemployment Rate remained steady at 4.9% in the three months to July, instead of picking up to 5% as the market had anticipated. Jobless claimants, however, increased by 27.8K, more than three times the 8.3K increase expected, and following a 11.8K drop in the previous month. Read more...

British Pound drifts lower below 1.3500 as Fed hike bets rise, UK jobs data loom

The GBP/USD pair loses momentum to around 1.3490 during Asian trading hours on Tuesday. Expectations of a US Federal Reserve (Fed) interest rate hike on Wednesday provide some support to the US Dollar (USD) against the British Pound (GBP). The UK jobs report is due on Tuesday. Attention will shift to the Bank of England (BoE) interest rate decision on Thursday.

After the US inflation report on Friday, which showed core Consumer Price Index (CPI) rose by a higher-than-expected 0.3% in August, traders are more convinced the Fed will raise interest rates to address sticky inflation. Read more...

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