UK Unemployment Takes Centre Stage

This morning there are two key data releases for the UK and therefore GBP Exchange Rates with the Bank of England (BoE) minutes and UK unemployment set for release at 9:30am. The minutes will give an insight into discussions at the recent BoE interest rate decision and any mention of reducing Quantitative Easing or increasing interest rates could really boost Sterling however, it is expected that either of these two factors being discussed is unlikely at the current time so unemployment is likely to be the main focus. Following BoE Governor Mark Carney’s forward guidance that stated when unemployment fell below 7% they would consider increasing interest rates and since then unemployment has been gradually falling and todays release is anticipated to show it falling again. Should the drop in unemployment be as big as expected or even more than the prediction then it will bring into even closer focus the possibility of an interest rate hike which is likely to provide Sterling with yet another boost. It is clear that these data releases are likely to be absolutely key and also means that this morning we could see a lot of movement on Sterling exchange rates.

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