Shorting EUR/GBP, As UK Data Improves
EUR/GBP has been quite bearish since the beginning of this year, after the trade deal between the EU and UK was reached, validating the Brexit deal after all. Tis improved the sentiment for the GBP, which has been quite bullish during this time, while the Euro turned bearish, with EUR/USD falling around 650 pips.
But, the situation reversed this month and the Euro has been retracing higher, with EUR/USD above 1.20 again. As a result, EUR/GBP retraced higher as well, but the retrace might have come to an end, The price reversed down last week and the 50 SMA (yellow) has turned into resistance for this pair now, where we decided to open a sel forex signal.
UK March Employment and Earnings Report
Unemployment Claims
- March jobless claims change 10.1k vs 86.6k prior
- Prior 86.6k; revised to 67.3k
- Claimant count rate 7.3%
- Prior 7.5%; revised to 7.3%
Unemployment Rate
- February ILO unemployment rate 4.9% vs 5.0% expected
- Prior 5.0%
- February employment change -73k vs -145k expected
- Prior -147k
Earnings Data
- February average weekly earnings +4.5% vs +4.8% 3m/y expected
- Prior +4.8%
- February average weekly earnings (ex bonus) +4.4% vs +4.2% 3m/y expected
- Prior +4.2%; revised to +4.3%
Slight delay in the release by the source. The headline reading continues to see some volatile jumps as the furlough program makes it tough to really read much into the data, with the February jobless rate also seen easing slightly.
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