GBPUSD continues rising on Wednesday afternoon; market players are very calm in assessing the statistics.
The British Pound is trying to keep its positive momentum against the USD. The current quote for the instrument is 1.3280.
The Unemployment Rate in the United Kingdom went from 4.5% in August to 4.8% in September. At the same time, the employment rate lost 0.6% in the third quarter and dropped to 75.3%. However, it’s no surprise: the British labor market started shrinking at the very beginning of the pandemic and has been deteriorating ever since.
On the other hand, the Average Earnings added 1.3% 3m/y against the expected reading of +1.0% 3m/y. it’s a good result, which could have been better if it wasn’t for the shrinking market.
At the moment, investors are discussing the following moment: it is considered that Joe Biden’s election victory in the USA may be quite useful for the Brexit talks between the United Kingdom and the European Union. Actually, market players even leave open the possibility that Biden and his office may put pressure on the British government in order to make the Brexit drama go faster under the scenario favorable for other countries. First of all, it’s about the trade agreement between London and Brussels.
At first, Biden was a fan of a “pacific” settlement but he now may act as an intermediary in the complicated negotiations between the parties. The fact that the talks may “boost” is considered as a positive catalyst for the Pound.
Orgin: RoboForex
