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Sterling slightly higher in a quiet Monday trade

Monday, Oct 19 2015
Economic conditions in the U.K. continued to show signs of a struggle with consumer inflation coming in at -0.1%. Average earnings came in at 3.0% versus a 3.1% estimate, but better than the previous 2.9% reading. The claimant count change was 4.6K versus an estimate of -2.3% and the last reading of 1.2k. The unemployment rate did dip to 5.4% from 5.5%.
 
“The wobble that the UK labour market experienced a few months back is now, it seems, well behind us,” said David Tinsley, of UBS.“The health of the jobs market continues to underpin the domestic economic recovery,” added John Hawksworth, the chief economist at PwC.
 
This week’s price action will largely be driven by comments from Bank of England Governor Mark Carney and a slew of Fed speakers including Chair Janet Yellen on October 20. BoE Governor Mark Carney is expected to address the mounting pressure to push prices up, given that the cost of goods in the U.K. has dropped to negative once again.
 
He may also address the downside risks the economy is facing at this time including global concerns, especially surrounding China and other emerging markets. However, the domestic economy is also a major concern too. Recent PMI Services data showed business activity growing at its slowest pace for more than two years.
 
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. 
More in this category: « Euro lower as markets await for next ECB move RBA gives positive assessment of the jobs market »

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