All Eyes on UK Unemployment Rate Data
14.12.2021
- UK Unemployment Rate
- U.S. NFIB Small Business Optimism Index
Yesterday, the three major stock indices in the U.S. market all fell, leading to a risk-off market characterized by falling stock prices, lower interest rates, and lower crude oil prices.WTI crude oil fell about 3% to $70.50. Meanwhile, OPEC indicated that the impact of the Omicron variant on demand would be limited and revised its oil demand forecast for the first quarter of 2022 upward.
In the foreign exchange market, the pound is facing resistance, and the GBP/JPY pair fell by about 90 pips during U.S. trading hours yesterday. It has now broken below the key level of 150.00 and is trading around 149.79.From a technical perspective, GBP/JPY is already trading below the 200 SMA on the hourly chart, and since it has been forming lower highs on the 4-hour chart as well, we need to monitor the situation closely to see if the downtrend will continue.
Today, at 16:00 European time, the UK unemployment rate and Turkish housing import prices will be released; at 16:30, Swiss producer import prices; at 19:00, EurozoneIndustrial Production, at 20:00 the U.S. NFIB Small Business Optimism Index, at 22:30 U.S. time the U.S. Producer Price Index, at 28:00 remarks by RBNZ Governor O’Hara, and at 6:45 the following day New Zealand’s Q3 Current Account Balance are scheduled.I’ll be keeping an eye on the direction of the pound while monitoring today’s change in the UK unemployment rate.
