All Eyes on Whether the Unemployment Rate Will Fall Below 3.8% in the UK Employment Report

All Eyes on UK Employment Statistics: Will the Unemployment Rate Fall Below 3.8%?

11.07.2023

In the U.S. currency market the previous day, the U.S. dollar weakened, while the euro/dollar pair rose.The EUR/USD pair rose from 1.0943 to 1.1012, marking its third consecutive day of gains. From a technical perspective, the EUR/USD is currently trending upward toward the upper boundary of its weekly ascending wedge at 1.1145, so it will be worth watching to see if the euro continues to rise during European trading hours.

Among European currencies, the pound rose against the U.S. dollar ahead of today’s employment report. The GBP/USD pair rose by approximately 110 pips from 1.2750 to 1.2866. It has hit a new high for the year and is attempting to break through the resistance at the 200-day SMA on the weekly chart.On the daily chart, which is a lower timeframe, the RSI is just shy of 70 with a slight buffer, so we’ll be watching the employment data results to see if the rally continues.

Today’s economic indicators include the UK Employment Report, Germany’s Consumer Price Index, and Japan’s Machine Tool Orders at 15:00; Turkey’s Current Account Balance at 16:00; Germany’s ZEW Economic Sentiment Survey and the Eurozone’s ZEW Economic Sentiment Survey at 18:00;at 19:00, the U.S. NFIB Small Business Optimism Index; at 20:00, South Africa’s Manufacturing Production; at 21:00, Brazil’s Broad Consumer Price Index; at 24:30, the U.S. 12-month Treasury bill auction; and at 26:00, the U.S. 3-year Treasury note auction.We’ll be watching the UK employment report to see if the unemployment rate falls below 3.8%, as well as the data results and the pound’s price movements.