When are the UK jobs and how could they affect GBP/USD? – by anilpanchal7 UnitedKingdom Employment GBPUSD Events RiskAversion
Today’s UK employment data becomes more important for the GBP/USD pair traders considering the latest retreat indecision among the Bank of England policymakers, especially amid looming recession woes.
The UK job market report is expected to show that the Average Weekly Earnings, Including Bonuses, in the three months to February, eased to 5.1% YoY versus 5.7% prior while ex-bonuses, the wages are seen declining to 6.2% from 6.5% prior readings. Further, the ILO Unemployment Rate is likely to remain unchanged at 3.7% for the three months ending in February. It’s worth noting that the market consensus suggests the Claimant Count Change figures arrive at -11.8K in March versus -11.2K prior.GBP/USD grinds higher towards the 1.2400 round figures, printing mild gains while making rounds to intraday high during the first positive day in three.
It’s worth noting that the recent chatters surrounding upbeat UK employment conditions and a likely increase in government investments could allow today’s British data to provide a positive surprise and help extend the latest GBP/USD rebound. However, the hawkish Fed concerns are a much stronger catalyst that weighs on the Cable pair and hence unless witnessing a strong UK jobs report, the Cable bears remain hopeful, apart from witnessing a kneejerk reaction to the mildly positive data.
Technically, a clear downside break of an upward-sloping support line from March 24, now immediate resistance near 1.2435, joins bearish MACD signals to keep the GBP/USD bears hopeful. However, the 21-DMA challenges the pair sellers around 1.2375 of late.
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