Pound Stable Despite Surprise Rise in UK Claimant Count Change

The British Pound was virtually unchanged in Asian trading despite the release of soft UK claimant count change data yesterday.

UK Claimant Count Change

In a report issued by the Office for National Statistics, official data showed on Wednesday that the UK claimant count change increased unexpectedly in March. UK claimant count change increased to a seasonally adjusted 6.7K, a large leap from the -9.3K recorded in February whose figure was revised up from -18.0K. The surprise increase came after analysts had been expecting the UK claimant count change to actually show a decline of -11.3K for last month.

UK Unemployment Rate

In a separate report issued by the National Statistics, official data showed on Wednesday that the UK unemployment rate remained unchanged in March. The Unemployment Rate in the UK stayed at a seasonally adjusted rate of 5.1%, from 5.1% in the preceding month. This came after analysts had been expecting the UK Unemployment Rate to remain unchanged at 5.1% in March.

Average Hourly Earnings

Average hourly earnings in the UK, which include bonuses, dropped unexpectedly in March. In a report issued by the UK Office of National Statistics, it was revealed that Average hourly earnings plus bonuses dropped to a seasonally adjusted annual rate of 1.8%, down from the 2.1% recorded in the preceding month. This came after analysts had been expecting Average hourly earnings plus bonuses to increase to 2.3% in March.

At time of writing, the GBP/USD was down 0.01%, with Cable trading at 1.4331.

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Ben Myers

After graduating with a degree in Finance and Accounting, Ben has had a long and distinguished career in the world of global finance and investment. After working with multi-national institutions including HSBC and Bank of Ireland, Ben ran his own independent investment advice firm in the UK before chief analyst stints at Zoneoption, ECmarkets, YesOption and KeyOption. Ben remains a keen forex and binary trader and a feataured contributor at investing.com and dailyforex.