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12 Jun 2013
Flash: UK Employment numbers in focus for GBP/USD - BTMU
FXstreet.com (Barcelona) - Derek Halpenny, European Head of Global Markets Research at the Bank of Tokyo Mitsubishi UFJ notes that there’s not much in the way of data from Eurozone countries and hence the focus today for GBP/USD will be on the employment data from the UK.
He sees that the labour market has clearly turned in the UK and the 3mth ILO change in employment is expected to reveal a further fall of 11,000 after a 43,000 drop in March. This data series ended 2012 at +175,000 but has trended lower this year, highlighting renewed weakness. However, he adds that as most other data of late from the UK has shown improvement and hence a weak report today might not trigger much of a negative reaction. He writes, “If the NIESR GDP estimates for April and May are accurate, the UK economy may have expanded by around 0.8% in Q2.”
He sees that the labour market has clearly turned in the UK and the 3mth ILO change in employment is expected to reveal a further fall of 11,000 after a 43,000 drop in March. This data series ended 2012 at +175,000 but has trended lower this year, highlighting renewed weakness. However, he adds that as most other data of late from the UK has shown improvement and hence a weak report today might not trigger much of a negative reaction. He writes, “If the NIESR GDP estimates for April and May are accurate, the UK economy may have expanded by around 0.8% in Q2.”