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Sterling little changed in a quiet morning trade

Friday, Oct 16 2015
Sterling was little changed in the morning part of the session as there were no major data releases from the UK, however remains high after this week's UK CPI and job data. Interpreting the figures in light of the overall UK economy a short time ago, John Hawksworth of leading Chartered Accountants and Business Analysts PwC noted that, ‘we'll probably see some slowdown in overall GDP growth in the third quarter, reflecting more uncertain global conditions, but the health of the jobs market continues to underpin the domestic economic recovery.’
 
A summer burst of job creation in the UK economy has pushed the employment rate to a record high and brought down the jobless rate to its lowest level in seven years. There were 31.12 million people in work, an increase of 140,000, in three months to August, the Office for National Statistics reported. That took the employment rate to 73.6 per cent, the highest since comparable records began in 1971. At the same time, the number of unemployed dropped by 79,000 and the jobless rate fell to 5.4 per cent, hitting its lowest since May 2008.
 
Sterling is currently being trade around 1.5450 area. Pair is likely to find support around 1.54 level and resistance above 1.55 area. Later today, in the US session, Industrial Production and Consumer Sentiment figures are scheduled for a release.
 
More in this category: « Aussie lower on RBA Financial Stability Review Eurozone CPI -0.1% in September »

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