Pound Sterling strengthens on strong UK employment data
The Pound Sterling (GBP) attracts significant bids against its major peers on Tuesday after the release of the upbeat United Kingdom (UK) labor market data for the three-months ending June.
The Office for National Statistics (ONS) reported that the economy created fresh 239K jobs in the second quarter of the year, well above the 134K workers hired in the three months ending May. This is a significant recovery from earlier indicators, which showed that firms became reluctant to increase their workforce due to the increase in employers’ contributions to social security schemes to 15%. Read more…
GBP/USD Forecast: Pound Sterling holds bullish stance, eyes on US CPI
GBP/USD closed marginally lower on Monday and snapped a six-day winning streak. In the European session on Tuesday, the pair regains its traction and trades above 1.3450 as market focus shifts to US inflation data.
The United States (US) and China agreed to extend the trade truce for 90 days. The US Dollar (USD) benefited from this development and caused GBP/USD to stretch lower on Monday. Read more…
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