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Following the release of UK employment data, the EURGBP maintains a position above the center of 0.8700

Daniel Rogers

Nov 15, 2022 16:53

 截屏2022-11-15 下午4.25.46.png

 

During Tuesday's early European session, the EURGBP cross extends yesterday's modest retreat from the 0.8820-0.8830 support zone and crawls lower. Following the announcement of the most current employment data from the United Kingdom, the cross maintains a defensive position in the area of 0.8770-0.8765 with minimal volatility.

 

The UK Office for National Statistics reported that the unemployment rate unexpectedly climbed from 3.5% to 3.6% in the three months preceding September. In addition, the number of individuals claiming unemployment-related benefits decreased by 3,300, as opposed to the average prediction of a decrease of 12,500. However, the disappointment was somewhat by better-than-expected pay growth statistics.

 

In reality, the Average Earnings Excluding Bonuses climbed from 5.5% to 5.7%, above the predicted growth of 5.6%. The data lends credence to market predictions of a further policy tightening by the Bank of England, which is expected to give some support for the British pound. A slight boost in demand for the shared currency, however, works as a tailwind for the EURGBP cross, limiting its downside.

 

Against the backdrop of concerns regarding a more aggressive policy tightening by the European Central Bank (ECB), the introduction of fresh dollar sales bolsters the Euro. Before placing large bearish bets on the EURGBP cross and bracing for bigger intraday losses ahead of the German ZEW Economic Sentiment, this calls for some caution.


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