The Pound made gains against the Euro and the majority of its most traded peers after official data showed that the number of people out of work in the UK fell by a bigger-than-expected amount.
According to the Office for National Statistics the number of UK citizens out of work in during the June-August period dropped by 18,000 to a total figure of 2.49 million.
Adding to the positive news was the fall in the number of people claiming Job seekers Allowance. The number fell by 41,7000, far exceeding forecasts as the number of claimants declined to 1.35 million in September, suggesting that the UK economy is continuing to strengthen as more jobs are created. Economists had been forecasting a fall of 25,000. The fall in the number of claimants is the biggest seen since June 1997.
The Statistics office said that the overall unemployment rate in the UK stayed at 7.7% in the June-August period, unchanged from May-July. The percentage of people aged 16-64 who are in work rose to 71.7%, the highest level since the three months to February in 2009. The ONS also said that the number of people in work, both part-time and full-time climbed to a record high of 29.87 million in the
The Pound found support as the data supports investor expectations that the nation’s unemployment rate will fall far quicker than the Bank of England estimated. Many investors have put money on the chance that the BoE will raise interest rates in early 2015 as a result.
Current Pound Sterling (GBP) Exchange Rates:
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The Pound Sterling/US Dollar Exchange Rate is currently in the region of: 1.6024 >
The Pound Sterling/Euro Exchange Rate is currently in the region of: 1.1836 >
The Pound Sterling/Australian Dollar Exchange Rate is currently in the region of: 1.6804 >
The Pound Sterling/New Zealand Dollar Exchange Rate is currently in the region of: 1.9025 >
The US Dollar/Pound Sterling Exchange Rate is currently in the region of: 0.6240 <
The Euro/Pound Sterling Exchange Rate is currently in the region of: 0.8446 <
The Australian Dollar/Pound Sterling Exchange Rate is currently in the region of: 0.5949 <
The New Zealand Dollar/Pound Sterling Exchange Rate is currently in the region of: 0.5255 <
(As of 10:00 am GMT)
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