020 7898 0500Yesterday was a quiet day for sterling as no significant economic data was released. Today however, could see more dramatic movement for sterling as a raft of labour related data is released. These releases will be watched keenly due to the Bank of England’s (BoE) ‘forward guidance’ mandate to keep interest rates at an all-time low until the labour market recovers. Statistics showing the change in the number of people claiming unemployment related benefits will be released this morning and this could well cause volatility for the currency dependent on the results. Furthermore, we will have data showing the overall rate of unemployment rate which is currently expected to hold at 7.8% . The Governor of the BoE specifically mentioned that he would need to see unemployment falling below 7% before he would consider raising interest rates, as a result, investors are likely to closely scrutinise today results with anything but the expected reading likely to cause movement in the market. Call your trader now for the latest price on sterling, as it enters a busier part of the week.
