Pound being pounded by Dollar

Wednesday, 15 June 2011 12:44

United Kingdom's labour market released important announcements about U.K's Unemployment change and Total Pay.

Jobless change was released much higher than expected.  At approximately 19,600 for June, unemployment change hiked from previous month's 12,400 unemployed people in Britain.  Economists predicted that change in people without jobs will only reach up to approximately 7,000.

Jobless rate, however, remained the same at 7.7%.  Meanwhile, total pay declined from 2.3% to 1.8% for April. 

The news announcements shocked the Pound, as GBP/USD traded at 1.6320 a little while after the release; only to drop below the 1.63 zone to trade at 1.6295.