Pound Rebounds to 218.55 Against Yen as UK Adds 147,000 Jobs and Unemployment Holds at 4.9%
Updated
Updated · tmgm.com · Jul 21
Pound Rebounds to 218.55 Against Yen as UK Adds 147,000 Jobs and Unemployment Holds at 4.9%
3 articles · Updated · tmgm.com · Jul 21
Summary
GBP/JPY climbed near 218.55 on Tuesday, snapping a three-day losing streak after UK labor data showed stronger-than-expected hiring in the three months to May.
147,000 jobs were created, up from 100,000 previously, while the ILO unemployment rate held at 4.9% instead of rising to the 5.0% economists expected.
Wage signals were softer: average earnings excluding bonuses stayed at 3.4%, and pay including bonuses cooled to 4.3% from 4.4%, below the 4.5% forecast.
That cooling could ease fears of near-term Bank of England tightening, shifting attention to Wednesday's UK CPI report, where headline inflation is seen slowing to 2.7% and core to 2.5%.
The yen side of the cross also faces an inflation test, with Japan's June core CPI due Friday and expected to accelerate to 1.6% from 1.4%.