POUND AT ONE-WEEK HIGH AGAINST DOLLAR; UK UNEMPLOYMENT RATE DROPS TO 4.2%

Published on Aug 13, 2024 12:11

The Great Britain pound extended recent streak of gains against the dollar on Tuesday after data showed UK Unemployment Rate unexpectedly fell to 4.2% in three months to June. Previously, the recording was at 4.4% and expectations were for a 4.5% rise. Meanwhile, the report showed that the number of people claiming jobless benefits increased by 135K in July, compared with a revised gain of 32.3K in June, coming in below the expected 14.5K figure by a wide margin. The US dollar in the interim stayed steady with all eyes on upcoming data. Investors now turn attention to US producer and consumer price inflation on Tuesday and Wednesday, respectively, with the data likely to impact the outlook for interest rates. Currently, GBPUSD pair is quoting at $1.2807, up 0.25% on the day and at its highest level in one-week.