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GBPUSD extends gains on strong UK jobs data and softer U.S. inflation

The GBP/USD exchange rate surged on Tuesday, rising by approximately 0.5%, as economic data from both the United Kingdom and the United States provided support for the Pound Sterling.

UK labor market figures delivered a positive surprise, with the number of new claimants for unemployment benefits dropping by 6.2K, well below the expected rise of 20.8K. In contrast, average earnings growth moderated more than anticipated, helping to ease inflationary pressures. Across the Atlantic, US Consumer Price Index (CPI) data for July showed little improvement, yet remained sufficiently subdued to maintain expectations of a potential interest rate cut by the Federal Reserve in September.

GBPUSD extends gains on strong UK jobs data and softer U.S. inflation

Looking ahead, Wednesday’s economic calendar is light, with no major releases scheduled. However, Thursday will see another round of key UK and US data. UK Gross Domestic Product (GDP) figures are expected to show a slowdown in the second quarter, with growth forecast to decelerate to just 0.1% quarter-on-quarter, lowering the annualized rate to 1.0% from 1.3%.

On the US side, the main focus will be the release of the Producer Price Index (PPI) inflation data, with an annual rise expected to accelerate to 2.9% from 2.6%. Weekly Initial Jobless Claims data will also be published, though these figures are likely to take a backseat to the PPI release.

This market commentary and analysis has been prepared for ATFX by a third party for general information purposes only. Any view expressed does not constitute a personal recommendation or solicitation to buy or sell as it does not take into account your personal circumstances or objectives, and should therefore not be interpreted as financial, investment or other advice, or relied upon as such. You should therefore seek independent advice before making any investment decisions. This information has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such is considered to be a marketing communication. Although we are not specifically constrained from dealing ahead of our recommendations we do not seek to take advantage of them before they are provided to our clients. We aim to establish and maintain and operate effective organisational and administrative arrangements with a view to taking all reasonable steps to prevent conflicts of interest from constituting or giving rise to a material risk of damage to the interests of our clients. The market data is derived from independent sources believed to be reliable, however we make no representation or warranty of its accuracy or completeness, and accept no responsibility for any consequence of its use by recipients. Reproduction of this information, in whole or in part, is not permitted.

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