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Pound Gains After Employment Report

March 19, 2014 at 17:12 by Vladimir Vyun

Focus on 5-pound noteThe Great Britain pound gained today after positive employment report reinforced the favorable outlook for Britain’s economy. The currency retained strength even as the central bank voiced concerns about the sterling’s appreciation.

Unemployment claims fell by 34,600 in February from the previous month, exceeding the forecast of 23,300 drop. The unemployment rate stayed at 7.2 percent. The Bank of England released the minutes of its March policy meeting, voicing opinion that the impact of the sterling’s appreciation may have a limited impact on the economy:

Despite sterling’s gradual 10% appreciation over the past year, the Committee judged it most likely that the contribution to CPI inflation from imported prices remained slightly positive, reflecting the pass-through of past increases in world prices.

GBP/USD rose from 1.6591 to 1.6632 and GBP/JPY advanced from 168.30 to 168.91 as of 17:12 GMT today.

If you have any questions, comments, or opinions regarding the Great Britain Pound, feel free to post them using the commentary form below.

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