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12 Jun 2013
Flash: UK employment looking better - BBH
FXstreet.com (London) - Research teams at BBH noted that the UK employment data showed a larger than expected decline in the claimant count and favourable revisions for the April series as well as improved earnings data (for April as it is reported with an extra month lag).
GBP/USD extended gains
There continued and said that this is consistent with the recent data stream pointing to stronger economic activity here in Q2. The teams explained that Sterling extended yesterday's gains, but stalled at last week's high just below $1.5685. They suggest a break of this area could see sterling run to ward $1.5790.
EUR/USD equivalent
the equivalent for EUR/USD would be $1.3340 according to the team representing a retracement objective of the large Q1 decline. They also explained that the euro has slipped to near one-month lows against sterling, but talk of M&A flows and the trend line support drawn off the early and mid-May lows near EURGBP 0.8465.
GBP/USD extended gains
There continued and said that this is consistent with the recent data stream pointing to stronger economic activity here in Q2. The teams explained that Sterling extended yesterday's gains, but stalled at last week's high just below $1.5685. They suggest a break of this area could see sterling run to ward $1.5790.
EUR/USD equivalent
the equivalent for EUR/USD would be $1.3340 according to the team representing a retracement objective of the large Q1 decline. They also explained that the euro has slipped to near one-month lows against sterling, but talk of M&A flows and the trend line support drawn off the early and mid-May lows near EURGBP 0.8465.