GBP/USD Rises After Unemployment Falls in the UK

The British pound jumped to a one-month high against the dollar on Friday, after official data showed the U.K.’s unemployment rate fell in February to its lowest level since July 2008.

The number of people in work in the U.K. rose by 248,000 in the three months to February, its biggest amount in almost a year, to a record 31.049 million, the Office for National Statistics said.

As a result, the jobless rate fell to 5.6 percent, from 5.7 percent in January, in line with analysts’ expectations.

“The recovery is being driven by full-time work in the private sector, far outstripping public sector job losses,” Ian Stewart, chief economist at Deloitte, said in a note.

via CNBC

Alfonso Esparza

Alfonso Esparza

Senior Currency Analyst at Market Pulse
Alfonso Esparza specializes in macro forex strategies for North American and major currency pairs. Upon joining OANDA in 2007, Alfonso Esparza established the MarketPulseFX blog and he has since written extensively about central banks and global economic and political trends. Alfonso has also worked as a professional currency trader focused on North America and emerging markets. He holds a finance degree from the Monterrey Institute of Technology and Higher Education (ITESM) and an MBA with a specialization on financial engineering and marketing from the University of Toronto.
Alfonso Esparza