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GBP/USD fails to react positively to pretty decent UK jobs report
The details of the UK August and September jobs reports have just now hit the screens. The underlying rate of UK unemployment in the 3 months to August has fallen to 4%. The level of average wages has fallen over the same period, from 4.1% to 3.8%.The markets were expecting a fall to 3.7%. The September payroll count has fallen by 15k, which was a little worse than forecast, but the prior reading of -59k has been revised higher, to -35k. The Pound initially lifted on the news, but not substantially so by any means. This was a pretty decent set of data here this morning though and not something to push the BOE into any immediate rate cut on the face of it, but the inflation data due tomorrow is surely more important in that regard. The GBP/USD is actually lower right now. The Pound is just now trading at 1.3040
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Gold rises above technical resistance to set a new record high this afternoon
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