GBP/USD gains as UK unemployment holds at 4.9%, below expectations, while employment change surges to 147K in May.
The British Pound strengthened against the US Dollar, trading near 1.3450 after UK employment data exceeded forecasts. The ILO unemployment rate remained steady at 4.9% for the three months to May, below the 5.0% consensus estimate.
Jobless claims rose by 6.7K in June, an improvement from the expected 28.3K increase, though higher than the revised 1.3K gain in May. Employment change surged to 147K in May, up from 100K in April. The data provided modest support to the GBP/USD pair ahead of Wednesday’s UK CPI inflation report.
Traders are now focused on the upcoming inflation figures, with headline CPI projected to rise 2.7% YoY in June and core CPI at 2.5%. New UK Prime Minister Andy Burnham’s fiscal stance has also drawn attention, though policy clarity remains uncertain.