U.K. Claimant Count Reaches 12-Year High In March
Release Explanation: Measures the number of jobs created, or the percentage of employed/unemployed in the labor market. It is very important that economic forecasts are based on the labor market. 'Economic strength builds from the willingness/confidence of firms to hire, without a strong labor market growth is hard to achieve,' TheLFB-Forex.com Trade Team said
TheLFB-Forex.com Trade Desk Thoughts: The number of people seeking unemployment increased again in March to the highest value in the last 12 years. The report shows there were 1.46 million persons on the claimant count in March, and up by 73,700 from one month earlier. The previous released number, for the month of February, was revised from 138.4K to 136.6K.
Forex Technical Reaction: The pound declined 80 pips during the European trading session. During the news release, the pound lost 40 pips. TheLFB-Forex.com Trade Team notes that the pound is heading towards the 100 SMA, which may pull some additional selling orders if broken
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