All eyes are on whether the UK unemployment rate will fall below 3.8% in the latest employment figures

All eyes are on whether the UK unemployment rate will fall below 3.8% in the latest employment figures

11.07.2023

In yesterday’s U.S. currency markets, the U.S. dollar weakened while the euro/dollar pair rose. The euro/dollar pair climbed from 1.0943 to 1.1012, marking its third consecutive day of gains. From a technical perspective, the euro/dollar pair is currently trending upward toward the upper boundary of the weekly ascending wedge at 1.1145, so it will be worth watching whether 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 data. 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 moving average on the weekly chart. On the daily chart, the RSI is hovering just below 70 with some room to spare, so we will be watching the employment data results to see if the upward trend continues.

Today’s economic indicators include the UK Employment Report, Germany’s Consumer Price Index, and Japan’s Machine Tool Orders at 3:00 PM; Turkey’s Current Account Balance at 4:00 PM;at 6:00 PM: German ZEW Economic Sentiment Survey and Eurozone ZEW Economic Sentiment Survey; at 7:00 PM: U.S. NFIB Small Business Optimism Index; at 8:00 PM: South African Manufacturing Production; at 9:00 PM: Brazilian Broad Consumer Price Index; at 12:30 AM: U.S. 12-month Treasury bill auction; and at 2:00 AM: U.S. 3-year Treasury note auction.We will be watching the UK Employment Report to see if the unemployment rate falls below 3.8%, as well as the market reaction to the data and the movement of the pound.

Past Market Reports

1. 21.04.2026New

   With the euro-Australian dollar pair hitting new lows this month, attention is turning to how much further it might fall

2. 20.04.2026New

   Will the market wait and see how much further the U.S. dollar can rise against the yen?

3. 17.04.2026New

   Will the weakening Swiss franc recover? Attention is turning to price movements during European trading hours.

4. 16.04.2026New

   Market participants are likely keeping a close eye on the upside potential of the euro, which has risen against the U.S. dollar

5. 15.04.2026New

   Should we keep an eye on remarks by key figures in the U.S. and try to gauge the direction of currency strength?

6. 14.04.2026

   Market participants are likely watching for signs of a rebound in the Canadian dollar, which fell against the U.S. dollar following the release of employment figures

7. 13.04.2026

   Will the weakening Swiss franc continue to strengthen against the yen, or should we wait and see?

8. 10.04.2026

   Will the U.S. dollar, which has fallen against the yen, continue its downward slide, or should we wait and see how the market moves?

9. 09.04.2026

   Should we keep an eye on the upside for European currencies that have risen against the U.S. dollar?

10. 08.04.2026

    Market participants may be wary of further downside potential for the U.S. dollar, which has weakened amid concerns over the situation in Iran