The Pound had to retreat. Overview for 15.07.2021
GBPUSD reversed once again and is currently retreating.
The British Pound reversed to the downside against the USD. The current quote for the instrument is 1.3825.
Today’s statistics showed that the Unemployment Rate in the United Kingdom went from 4.7% in April to 4.8% in May despite quite positive signals in the components of the report. The Average Earnings Index added 7.3% 3m/y after being expanding by 5.7% 3m/y earlier and against the expected reading of 7.1% 3m/y.
In June, the Claimant Count Change surprised everyone and showed -114.8K after being -151.4K the month before and against the expected reading of -32.5K. It seems like the British labor market is quickly reviving after many social restrictions were removed. It means that the June reports on employment might be much more positive than the May ones.
However, the Pound was pressured by a revived demand for the “greenback” as a “safe haven” asset due to the increased number of new coronavirus cases all over the world.
Another topical issue that puts pressure on the British currency remains open – the trade agreement between the United Kingdom and the European Union.
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