The Pound remained strong during yesterday’s session after the unemployment rate in the period between December and February held steady at an almost 12-year low of 4.7 percent, in line with forecasts.
The data released showed inflation almost completely took away the growth in pay of British workers during the three months to February, the clearest evidence yet that households are feeling the strain of rising prices as Brexit negotiations begin.
Following the data releases the Pound hit its highest level in over a week against the U.S. dollar after the figures as investors focused on a slightly stronger-than-expected rate of nominal pay growth.
Bank of England Governor Mark Carney spoke at the international FinTech Conference and talked about how new financial technology could damage the business model of traditional banks as savers turn away from mainstream lenders.
The crude inventory data suggested that the market was still heavily supplied after Oil futures turned negative on Wednesday, pulling back after eight straight sessions of gains.
The U.S. data followed more bullish data from OPEC nations, which said they had cut March oil output beyond the measures they had promised, as it sticks to an effort to clear a supply glut that has weighed on prices.
13:30 – USD : Producer Pricing Index is expected to fall to 0%
13:30 – USD : Unemployment claims are expected to increase to 242k
15:00 – USD : Preliminary University of Michigan consumer sentiment is expected to increase to 97.1.