|

UK Unemployment Rate stays at 4.4% in the quarter to February as expected

  • The UK Unemployment Rate remains unchanged at 4.4% in three months to February.
  • The Claimant Count Change for Britain came in at 18.7K in March.
  • GBP/USD defends gains near 1.3200 after mixed UK employment data.

The United Kingdom’s (UK) ILO Unemployment Rate held steady at 4.4% in the three months to February, data published by the Office for National Statistics (ONS) showed on Thursday. The market forecast was for a 4.4% reading in the reported period.

Additional details of the report showed that the number of people claiming jobless benefits increased by 18.7K in February, compared with a revised gain of 16.5K in January, bettering the expected 30.3K readout.

The Employment Change data for February came in at 205K versus 144K in January.

Meanwhile, Average Earnings, excluding Bonus, in the UK rose 5.9% three months year-over-year (3M YoY) in February versus a revised 5.8% growth booked previously. Markets expected a 6% print.

Another measure of wage inflation, Average Earnings, including Bonus, advanced 5.6% in the same period after accelerating by a revised 5.6% in the quarter through February. The data surpassed the estimate of 5.7%.

GBP/USD reaction to the UK employment report

GBP/USD defends gains following the release of the UK employment data. The pair is trading 0.07% higher on the day at 1.3201, as of writing.

British Pound PRICE Today

The table below shows the percentage change of British Pound (GBP) against listed major currencies today. British Pound was the strongest against the Swiss Franc.

USDEURGBPJPYCADAUDNZDCHF
USD0.06%-0.08%-0.13%0.00%-0.46%-0.53%0.23%
EUR-0.06%-0.13%-0.15%-0.04%-0.44%-0.57%0.19%
GBP0.08%0.13%-0.02%0.09%-0.31%-0.45%0.32%
JPY0.13%0.15%0.02%0.11%-0.32%-0.56%0.33%
CAD-0.01%0.04%-0.09%-0.11%-0.42%-0.53%0.23%
AUD0.46%0.44%0.31%0.32%0.42%-0.13%0.63%
NZD0.53%0.57%0.45%0.56%0.53%0.13%0.76%
CHF-0.23%-0.19%-0.32%-0.33%-0.23%-0.63%-0.76%

The heat map shows percentage changes of major currencies against each other. The base currency is picked from the left column, while the quote currency is picked from the top row. For example, if you pick the British Pound from the left column and move along the horizontal line to the US Dollar, the percentage change displayed in the box will represent GBP (base)/USD (quote).

Author

Dhwani Mehta

Dhwani Mehta

FXStreet

Residing in Mumbai (India), Dhwani is a Senior Analyst and Manager of the Asian session at FXStreet. She has over 10 years of experience in analyzing and covering the global financial markets, with specialization in Forex and commodities markets.

More from Dhwani Mehta
Share:

Markets move fast. We move first.

Orange Juice Newsletter brings you expert driven insights - not headlines. Every day on your inbox.

By subscribing you agree to our Terms and conditions.

Editor's Picks

EUR/USD drops to daily lows near 1.1630

EUR/USD now loses some traction and slips back to the area of daily lows around 1.1630 on the back of a mild bounce in the US Dollar. Fresh US data, including the September PCE inflation numbers and the latest read on December consumer sentiment, didn’t really move the needle, so the pair is still on course to finish the week with a respectable gain.

GBP/USD trims gains, recedes toward 1.3320

GBP/USD is struggling to keep its daily advance, coming under fresh pressure and retreating to the 1.3320 zone following a mild bullish attempt in the Greenback. Even though US consumer sentiment surprised to the upside, the US Dollar isn’t getting much love, as traders are far more interested in what the Fed will say next week.

Gold makes a U-turn, back to $4,200

Gold is now losing the grip and receding to the key $4,200 region per troy ounce following some signs of life in the Greenback and a marked bounce in US Treasury yields across the board. The positive outlook for the precious metal, however, remains underpinned by steady bets for extra easing by the Fed.

Crypto Today: Bitcoin, Ethereum, XRP pare gains despite increasing hopes of upcoming Fed rate cut

Bitcoin is steadying above $91,000 at the time of writing on Friday. Ethereum remains above $3,100, reflecting positive sentiment ahead of the Federal Reserve's (Fed) monetary policy meeting on December 10.

Week ahead – Rate cut or market shock? The Fed decides

Fed rate cut widely expected; dot plot and overall meeting rhetoric also matter. Risk appetite is supported by Fed rate cut expectations; cryptos show signs of life. RBA, BoC and SNB also meet; chances of surprises are relatively low.

Ripple faces persistent bear risks, shrugging off ETF inflows

Ripple is extending its decline for the second consecutive day, trading at $2.06 at the time of writing on Friday. Sentiment surrounding the cross-border remittance token continues to lag despite steady inflows into XRP spot ETFs.