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Pound Rises After U.K. Jobs Data




19.10.16 11:30
dpa-AFX


BRUSSELS (dpa-AFX) - The British pound strengthened against the other major currencies in the European session on Wednesday, after data showed that the U.

K. jobless claims rose less-than-expected in September.


Data from the Office for National Statistics showed that the number of people claiming unemployment benefits grew by 700 in September from August, below economists' forecast for an increase of 3,200.


Also, the average earnings including bonus climbed 2.3 percent in August from a year ago, in line with expectations.


Meanwhile, the ILO jobless rate came in at 4.9 percent in the three months ended August, unchanged from the three months to July. The figure also matched consensus estimate.


The claimant count rate climbed 2.3 percent in September, slightly faster than the 2.2 percent rise expected by economists.


In the Asian trading today, the pound held steady against its major rivals.


In the European trading, the pound rose to an 8-day high of 1.2329 against the U.S. dollar, from an early low of 1.2257. The pound may test resistance around the 1.28 region.


Against the yen and the Swiss franc, the pound edged up to 127.56 and 1.2186 from early lows of 126.97 and 1.2132, respectively. If the pound extends its uptrend, it is likely to find resistance around 132.00 against the yen and 1.25 against the franc.


The pound advanced to 0.8917 against the euro, from an early low of 0.8955. On the upside, 0.86 is seen as the next resistance level for the pound.


Looking ahead, U.S. housing starts and building permits, both for September, and U.S. crude oil inventories data are slated for release in the New York session.


At 8:45 am ET, Federal Reserve Bank of San Francisco President John Williams is expected to speak before the "Improving Diversity in the Financial Services Industry - An Holistic View" conference hosted by the Global Interdependence Center, in New Jersey.


At 9:15 am ET, U.K. Finance minister Philip Hammond is sheduled to deliver a speech in parliament, in London.


At 9:30 am ET, European Parliament's Brexit negotiator Guy Verhofstadt is expected to speak at conference on "Future of EU budget, reform of EU institutional set-up" in Brussels.


The Bank of Canada's interest rate decision is due at 10:00 am ET .The economists expect the bank to hold rates at 0.50 percent


Subsequently, the Bank of Canada Governor Stephen Poloz and Senior Deputy Governor Carolyn Wilkins will hold a press conference following the bank's interest rate decision and release of its monetary policy report at 11:00 am ET in Ottawa.


At 1:00 pm ET, Bank of England Chief Economist Andy Haldane is expected to speak on "QE - The story so far" at Cass Business School, in London.


At 1:30 pm ET, European Central Bank board member Daniele Nouy is expected to speak at the European Financial Roundtable organised by Deutsche Bank in Frankfurt.


At 2:00 pm ET, Federal Reserve issues the Beige Book of economic condition in Washington.


At 4:15 pm ET, Bank of Canada Governor Stephen Poloz and Senior Deputy Governor Carolyn Wilkins will testify before the Senate Standing Committee on Banking, Trade, and Commerce, in Ottawa.


Copyright RTT News/dpa-AFX



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