| Videos | Channels | Search |
Sterling surges as UK jobless rate falls
Extremely strong UK unemployment figures have led to a surge in Sterling. The latest positive economic data adding to the already upbeat assessment of the British economy.
The Bank of England had said it would consider an interest rate rise if the jobless total fell to 7%. The latest rate of 7.1% is tantalisingly close to the MPC threshold. However, head of FX Strategy at Saxo Bank, John Hardy, points out that the MPC did not actually guarantee to automatically raise rates if the rate did fall to 7%. Also worth noting, the latest BoE minutes, released today, confirmed the MPC’s view that the UK’s domestic recovery has taken hold.
Sterling is expected to continue to rise against the USD and EUR amid interest rate speculation.
00:58 minutes
Tags: bank of england, cable, data, economic data, economic growth, economy, fx forex, fx markets, fx trading, fxspot, interest rates, john hardy, mpc, recovery, recovery 2015, sterling, sterling appreciation, sterling forex, sterling trading, tradingfloor.com, uk, uk economy, unemployment