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Wednesday, 20 July 2016

The pound strengthened on labor market data

In the beginning of the European trade, the euro/dollar sank for one hour by 38 pips to 1.0981. At this time, the pound strengthened against the dollar and the euro on the labor market data in the United Kingdom, which exceeded forecasts.
UK unemployment rate fell from 5.0% to 4.9% in June. The number of applications for unemployment benefits fell from 12.2 thousand to 0.4 thousand. The average wage, including bonusses, increased from 2.0% to 2.3% in May.
Pound/dollar recovered with one figure (100 points), to 1.3197. As soon as pressure on the euro weakened by euro/pound, euro/dollar has won back all the daily losses.



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