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Sterling higher in an uneventful Monday's session

Monday, Apr 20 2015
It is a steadier Monday's session with no major data releases both from UK and USA. Traders are still being influenced by Friday's job figures. To remind ourselves number of unemployed in Great Britain was down 20,700 from February, but below market predictions on decrease by 29,100, while unemployment rate over for the 3 months ending February 2015 was 5.6%, in line with market forecasts. Total pay for employees in Great Britain increased by 1.7%, missing market expectations on increase by 1.8%.
 
Prime Minister Cameron is struggling to turn a buoyant labor market into votes for his Conservative Party, which is continuing to run neck-and-neck with the Labour opposition three weeks before Britons go to the polls. With inflation at zero, households are enjoying the most sustained real wage growth since the financial crisis. The Bank of England has held its benchmark interest rate at a record-low 0.5% until 2016.
 
Sterling is currently being traded few points above 1.4970 level. Pair is likely to find support around 1.4930 and resistance above 1.5020 area. There will be no major data releases in the rest of the session.
More in this category: « Euro under pressure on Grexit concerns Aussie lower after RBA Meeting Minutes »

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