FOREX TradingCharts.com

Forex News: Pound Retreats As U.K. Wage Growth Miss Expectations

Pound Retreats As U.K. Wage Growth Miss Expectations

04/17/2018 - 06:15:00 (RTTNews)

(RTTNews) - The pound trimmed its early gains against its major counterparts in early European deals on Tuesday, as the U.K. labor data showed that the average earnings rose less than expected in three months to February.

Data from the Office for National Statistics showed that the U.K. average weekly earnings including bonuses rose 2.8 percent during the three months ended February, which is unchanged from the last quarter.

Economists had been looking for a wage growth of 3 percent.

Excluding bonuses, the wages grew 2.8 percent from 2.6 percent in the three months to January.

Meanwhile, the ILO jobless rate came in at 4.2 percent in three months to February, which was below the 4.3 percent logged in three months to January. This was the lowest rate since comparable data began in 1971.

At the same time, the employment rate was 75.4 percent, the highest since 1971.

The number of unemployed decreased by 136,000 annually to 1.42 million and employment increased by 427,000 to 32.26 million.

The currency showed mixed trading against its major rivals in the Asian session. While it rose against the greenback and the franc, it held steady against the yen and the euro.

The pound dropped to 153.19 against the Japanese yen, from a high of 153.76 hit at 3:30 am ET. The pound is poised to find support around the 151.00 area.

Having advanced to near a 2-year high of 1.3800 against the Swiss franc at 4:25 am ET, the pound reversed direction and retreated to 1.3769. Next key support for the pound is seen around the 1.34 level.

The pound fell to 1.4323 against the greenback, after advancing to near a 2-year high of 1.4377 at 3:30 am ET. Continuation of the pound's downward trading may see it challenging support around the 1.40 level.

Reversing from an early session's high of 0.8627 against the euro, the pound fell to 0.8646 shortly after the data. The pound may locate support around the 0.88 level, if it drops further.

Survey data from the Mannheim-based think tank ZEW showed that German economic confidence declined sharply in April.

The ZEW Indicator of Economic Sentiment dropped to -8.2 in April from +5.1 in March. The score was forecast to fall to -1.

Looking ahead, Canada manufacturing sales for February, U.S. housing starts, building permits and industrial production for March are scheduled for release in the New York session.

At 10:00 am ET, Federal Reserve Governor Randal Quarles will testify on supervision and regulation before the House Financial Services Committee in Washington DC.

For comments and feedback: contact editorial@rttnews.com

Copyright(c) 2018 RTTNews.com. All Rights Reserved

Market News provided by RTTNews

RECENT FOREX and ECONOMIC NEWS STORIES


Dollar Paring Early Gains As Weekend Approaches (05 hr(s), 21 min(s), 32 sec(s) ago)
(RTTNews) - The dollar climbed against its major rivals early Friday, but has begun to pare its ga ...Full Story»

Euro Mixed After Eurozone Flash Consumer Sentiment Index (10 hr(s), 03 min(s), 33 sec(s) ago)
(RTTNews) - Eurozone flash consumer sentiment for April has been released at 10:00 am ET Friday. F ...Full Story»

Canadian Dollar Retreats As Canada Inflation Slows (10 hr(s), 27 min(s), 33 sec(s) ago)
(RTTNews) - The Canadian dollar trimmed its early gains against its major counterparts in the Euro ...Full Story»

Loonie Falls After Canada CPI, Retail Sales (11 hr(s), 36 min(s), 33 sec(s) ago)
(RTTNews) - Following the release of Canada consumer prices for March and retail sales for Februar ...Full Story»

Loonie Advances Ahead Of Canada CPI, Retail Sales (11 hr(s), 42 min(s), 33 sec(s) ago)
(RTTNews) - Canada consumer prices for March and retail sales for February are scheduled for relea ...Full Story»

Euro Weakens Against Most Majors (14 hr(s), 24 min(s), 33 sec(s) ago)
(RTTNews) - The euro declined against its most major counterparts in early European deals on Frida ...Full Story»

Carney's Remarks Drags Down Sterling (16 hr(s), 0 min(s),32 sec(s) ago)
(RTTNews) - The pound slipped against its major counterparts in Asian session on Friday, as the Ba ...Full Story»

Dollar Rising After Mixed Economic Reports (05 hr(s), 24 min(s), 33 sec(s) ago)
(RTTNews) - The dollar is up against all of its major rivals Thursday afternoon. Traders are react ...Full Story»

Search

FOREX NEWS

Dollar Paring Early Gains As Weekend Approaches

04/20/2018 - 14:50 PM (RTTNews)
(RTTNews) - The dollar climbed against its major rivals early Friday, but has begun to pare its ga ...Full Story>>

Euro Mixed After Eurozone Flash Consumer Sentiment Index

04/20/2018 - 10:07 AM (RTTNews)
(RTTNews) - Eurozone flash consumer sentiment for April has been released at 10:00 am ET Friday. F ...Full Story>>

Canadian Dollar Retreats As Canada Inflation Slows

04/20/2018 - 09:44 AM (RTTNews)
(RTTNews) - The Canadian dollar trimmed its early gains against its major counterparts in the Euro ...Full Story>>

Loonie Falls After Canada CPI, Retail Sales

04/20/2018 - 08:35 AM (RTTNews)
(RTTNews) - Following the release of Canada consumer prices for March and retail sales for Februar ...Full Story>>

Loonie Advances Ahead Of Canada CPI, Retail Sales

04/20/2018 - 08:27 AM (RTTNews)
(RTTNews) - Canada consumer prices for March and retail sales for February are scheduled for relea ...Full Story>>

Binary Options Articles Courtesy of NADEX

These pages, and all content ©TradingCharts.com Inc and other copyright holders. Permission is not granted to redistribute charts, data, news or other information found on this site, in any manner. Although it is believed that information provided is accurate, TradingCharts will not accept liability for any loss or damage that may arise from use of the content, inability to access the website, or delay or failure of receive of any information provided through this site.