In the three months leading up to August, the UK's ILO unemployment rate increased to 4.8%, according to figures released on Tuesday by the Office for National Statistics (ONS).
The data exceeded the 4.7% market expectation.
Overview of the UK Jobs Report
The ILO Unemployment Rate remained stable at 4.7% in the three months leading up to September, according to the UK labor market report, which is scheduled to be released on Tuesday at 6:00 GMT. While the growth in salaries is forecast to decelerate to 4.7% from 4.8% earlier, the average weekly earnings, including bonuses, are predicted to increase 4.7% throughout the given period.
The likelihood of additional rate cuts from the Bank of England in the near future is still lower than the administration would like, according to independent expert Michael Hewson. While unemployment stayed constant at 4.7% in the three months leading up to July, wage growth only slightly slowed to 4.8% from 5%.
How can the GBP/USD be impacted by the UK Jobs Report?
The British pound's current decline could be exacerbated by a negative surprise in the UK's wage growth figures, which would push the GBP/USD pair back towards the 1.3300 round-figure threshold. The 1.3260 region, or the more than two-month low reached last Friday, could be exposed by some follow-through decline.
The UK's budgetary concerns are likely to limit any response to positive numbers, but they might still help the GBP/USD pair break over the 1.3365 immediate barrier and work toward regaining the 1.3400 round number. On the way to the psychological 1.3500 barrier, the momentum may continue to build towards the next significant obstacle close to the 1.3440 region.
The data exceeded the 4.7% market expectation.
Overview of the UK Jobs Report
The ILO Unemployment Rate remained stable at 4.7% in the three months leading up to September, according to the UK labor market report, which is scheduled to be released on Tuesday at 6:00 GMT. While the growth in salaries is forecast to decelerate to 4.7% from 4.8% earlier, the average weekly earnings, including bonuses, are predicted to increase 4.7% throughout the given period.
The likelihood of additional rate cuts from the Bank of England in the near future is still lower than the administration would like, according to independent expert Michael Hewson. While unemployment stayed constant at 4.7% in the three months leading up to July, wage growth only slightly slowed to 4.8% from 5%.
How can the GBP/USD be impacted by the UK Jobs Report?
The British pound's current decline could be exacerbated by a negative surprise in the UK's wage growth figures, which would push the GBP/USD pair back towards the 1.3300 round-figure threshold. The 1.3260 region, or the more than two-month low reached last Friday, could be exposed by some follow-through decline.
The UK's budgetary concerns are likely to limit any response to positive numbers, but they might still help the GBP/USD pair break over the 1.3365 immediate barrier and work toward regaining the 1.3400 round number. On the way to the psychological 1.3500 barrier, the momentum may continue to build towards the next significant obstacle close to the 1.3440 region.
