Yesterday proved to be a mixed day for sterling as UK unemployment data surprised markets by increasing by 0.1% to a level of 7.2%. Prior to this announcement, sterling strengthened in anticipation of a reduction in unemployment before dropping off to a low of around the 1.6640 level against the US dollar. Sterling strengthened throughout the afternoon to finish above its major trade partners. We did see some good movement for sterling against the commodity backed currencies as purchasing manager indices for China disappointed overnight.
With no significant data coming out of the UK today, the release of inflation figures and unemployment claims from the US may result in movements against the dollar.
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