The Pound Sterling (GBP) has become subdued after a three-day range high as investors seem baffled about the United Kingdom’s inflation and economic o
Pound Sterling aims to climb above 1.22 as market mood remains quiet. UK economic activities were broadly vulnerable in September due to poor domestic and overseas demand. BoE’s Broadbent remains confident about achieving price stability in two years. utlook following September’s PMI data. UK firms were reluctant to utilize their full capacity and reduced hiring as higher interest rates by the Bank of England have hit demand significantly.
Analysts at Commerzbank forecast job growth of 160K. After the surprisingly sharp rise from 3.5% to 3.8% in August, the unemployment rate is likely to have fallen again slightly to 3.7%, as the trend in labor force growth is only around 100K. We do not expect the Unemployment Rate to rise significantly until next year when the economy is likely to slip into recession and employment is likely to shrink. Technical Analysis: Pound Sterling faces barricades near 1.
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