Great Britain Pound: UK unemployment claims unexpectedly jumped by 23,500, the highest level since 1997, exceeding market expectations by almost 10,000. This inherit sign of weakness saw the GBP topple from it’s high of 1.5815 USD where it opened the European session. The BOE minutes revealed policy makers unanimously agreed to pause their asset purchasing programme to curb growing inflation. The Pound slipped to a low of 1.5665 USD during New York as investors, enticed by strong US data, turned their attentions to higher yielding currencies. The Sterling starts its day lower in Asia today on its lows buying 1.5680 USD and 2.2280 NZD.
- I expect a range today in the GBP/NZD rate of 2.2225 to 2.2350
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