Forex: GBP/USD Hits 1.5698 Session High

on Jun 13, 2013

GBP/USD has eased in European trading today from its Asian session high of 1.5698. So far, it has retreated by 0.10 percent.

Better-than-expected UK jobs report for May sent GBP/USD to a four-month high at 1.5699 yesterday. Data from the Office for National Statistics showed that the number of people who claimed unemployment benefits last month fell to its lowest level in two years. UK Jobless Claims Change fell by 8,600 in the three months to the end of May, beating the expectations of 5,000 decline. The unemployment rate remained unchanged during the same period, matching the 7.8 percent forecast.

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GBP/USD volatility yesterday continued during the whole day and the quote gained to 1.5699 daily high and increased 0.68 percent intraday.
The Bank of England Quarterly Bulletin for the second quarter of 2013 has been published today. The researchers of the Bank’s Monetary Assessment and Strategy Division Becky Maule and Alice Pugh observed: “The prolonged period of above-target inflation could cause inflation expectations to become less well anchored. That could trigger changes in the nominal exchange rate, and affect consumption and investment decisions, as well as wages and prices, and could cause inflation to persist above the target for longer.”
Further significant economic indicators scheduled for release today include US Initial Jobless Claims for the week ended June 7 and US Retails Sales May m/m due to be released at 13:30 BST.


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