Investing.com – The euro reversed losses against the pound on Wednesday, climbing to a fresh daily high after official data showed the number of people claiming unemployment benefits in the U.K. fell less-than-expected in November.
EUR/GBP clawed up from 0.8550, the daily low, to hit 0.8504 during European late morning trade, gaining 0.28%.
The pair was likely to find support at 0.8431, Tuesday’s low and short-term resistance at 0.8542, the high of November 23.
The U.K. National Statistics Office said Wednesday that the number of people claiming unemployment benefits fell less-than-expected in November, dropping 1,200, less than the expected decline of 3,000.
A separate report from the Statistics Office showed that the level of unemployment posted a surprise rise in the three months to October, increasing at the fastest pace since the first quarter of this year.
Unemployment increased by 35,000 in the three months through October and pushed the rate up to 7.9%. Analysts had expected the rate to remain unchanged at 7.7% in the third quarter.
Meanwhile, the euro was down against the U.S. dollar, with EUR/USD shedding 0.38% to hit 1.3325.
Earlier Wednesday, the premium that investors demand to hold Spanish government debt rose after ratings agency Moody’s put Spain's Aa1 sovereign credit rating under review, pending a possible downgrade.
EUR/GBP clawed up from 0.8550, the daily low, to hit 0.8504 during European late morning trade, gaining 0.28%.
The pair was likely to find support at 0.8431, Tuesday’s low and short-term resistance at 0.8542, the high of November 23.
The U.K. National Statistics Office said Wednesday that the number of people claiming unemployment benefits fell less-than-expected in November, dropping 1,200, less than the expected decline of 3,000.
A separate report from the Statistics Office showed that the level of unemployment posted a surprise rise in the three months to October, increasing at the fastest pace since the first quarter of this year.
Unemployment increased by 35,000 in the three months through October and pushed the rate up to 7.9%. Analysts had expected the rate to remain unchanged at 7.7% in the third quarter.
Meanwhile, the euro was down against the U.S. dollar, with EUR/USD shedding 0.38% to hit 1.3325.
Earlier Wednesday, the premium that investors demand to hold Spanish government debt rose after ratings agency Moody’s put Spain's Aa1 sovereign credit rating under review, pending a possible downgrade.