When are the UK jobs and how could they affect GBPUSD? – by anilpanchal7 UnitedKingdom Employment Events GBPUSD RiskAppetite
Today’s UK employment data becomes more important for the GBP/USD pair traders considering the latest comments from Bank of England Governor Andrew Bailey, as well as due to the worsening conditions of the labor strikes in Britain. Also important is the fact that the British stock market benchmark is only half a percent away from an all-time high.
The UK job market report is expected to show that the Average Weekly Earnings, Including Bonuses, in the three months to November, remained unchanged at 6.1% while ex-bonuses, the wages are seen rising to 6.3% from 6.1% prior readings. It’s worth noting that the Employment Change could ease to 5K in the three months to November versus 27K in previous readouts.
Further, the ILO Unemployment Rate is likely to remain intact at 3.7% for the three months ending in November. It’s worth noting that the Claimant Count Change figures came in as 30.5K in November with the Claimant Count Rate of 3.9% during the stated period.GBP/USD struggles for clear directions after reversing from a one-month high the previous day, making rounds to 1.2200 heading into Tuesday’s London open.
The reason could be linked to the fears of high price pressure and shortage of labor, marked by BoE Governor Bailey. As a result, the BoE hawks are hopeful of further rate hikes should today’s scheduled job reports manage to portray tight job markets. That said, a likely easing in the Employment Change may weigh on the GBP/USD prices amid the US dollar’s rebound, as well as the cautious sentiment.
Technically, a six-week-old horizontal resistance near 1.2345 appears a tough nut to crack for the GBP/USD bulls. Alternatively, the 100-day EMA level surrounding 1.1940 put a floor under the
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