Interest Rate Cut
BOE cut its Interest Rate by 0.5% yesterday, the fourth Interest Rate cut since the coordinated emergency Interest Rate Cuts in October and sent the GBPUSD to a high of $1.5370.
Non Farm Payrolls
However, the focus will be on the Non Farm Payrolls report that will be released today. An early U.S. payroll report showed that unemployment rate in December rose to a 16-year high, the highest since 1993. There is an increase of 0.3% to 7.0% compared the November figure.
The total number of people receiving benefits rose in the week ended Dec. 27 to 4.6 million, the highest since 1982, the Labor Department said today.
Initial jobless claims fell to 467,000. Analysts are predicting a loss of 460,000 to 475,000 jobs. This figure is better than the November report.
The demand for labor is still very weak. The average work week is at 33.5 hours, indicating weak demand for those still employed.
GBPUSD and Non Farm Payrolls
With the mixed report there is every possibility of an upside move of the USD against GBP and the EUR. GBPUSD at 1.5190 would face a resistance at 1.5370 and if this resistance is broken, the upside will be to 1.6000.
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