Release Explanation: Measures the number of jobs created, or the percentage of employed/unemployed in the labor market. It is very important that economic forecasts are based on the labor market.” Economic strength builds from the willingness/confidence of firms to hire, without a strong labor market growth is hard to achieve,” TheLFB-Forex.com Trade Team said
TheLFB-Forex.com Trade Desk Thoughts: The unemployment rate increased again in the U.K. in the latest three months to March 2009, to the highest rate seen in the last decade. The released rate of 7.1% is higher than what the market expected. The number of unemployed people increased by 244,000 over the quarter and by 592,000 over the year, to reach
2.22 million. These are the largest quarterly increases in the unemployment level and rate since 1981.
Forex Technical Reaction: The pound lost 50 pips during the release, bouncing from TheLFB R2 (1.5320). During today’s trading session, the pound rose 200 pips.