News Column

Pound Strengthens As UK Jobless Rate Falls

June 11, 2014

BRUSSELS (Alliance News) - The pound advanced against the other major currencies in European morning deals on Wednesday, as data showed that UK unemployment rate fell for three months through April and jobless claims dropped more-than-forecast in May.

Data from the UK Office for National Statistics said that UK jobless claims fell by 27,400 in May, exceeding forecasts for a decline of 25,000 claims.

Unemployment rate dropped to 6.6% in the three months to April, compared to expectations of 6.7% fall.

The pound hit 0.8056 against the euro, a level not seen since December 2012.

The pound climbed to 1.6790 against the greenback, bouncing off from an early 6-day low of 1.6737.

After falling to a 9-day low of 171.21 against the yen in early deals, the pound reversed direction and was trading higher at 171.79.

The pound advanced to 1.5125 against the franc, strongest since June 5.

The next possible upside target level for the pound is seen around 1.52 against the franc, 172.5 against the yen, 1.70 against the greenback and 0.80 against the euro.

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Source: Alliance News

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