Investing.com – The euro advanced against the pound for a second day on Wednesday, surging to a 6-month high, following the release of mixed U.K. employment data which weighed on the pound.
EUR/GBP hit 0.8840 during European morning trade, the pair’s highest since April 19; the pair subsequently consolidated at 0.8825, gaining 0.18%.
The pair was likely to find support at 0.8689, Tuesday’s low and resistance at 0.8945, the high of March 30.
Earlier in the day, official data showed that number of people claiming unemployment benefits in the U.K. rose more-than-expected in September, rising for a second consecutive month.
In a report, the U.K. Office for National Statistics said that the claimant count rose by a seasonally adjusted 5,300 in September, after rising by a revised 3,800 in August. Analysts had expected the claimant count to increase by 3,900 in September.
The rate of unemployment declined unexpectedly, falling to a seasonally adjusted 7.7% in August, after holding steady at 7.8% in July. Analysts had expected the rate of unemployment to remain unchanged in August.
The euro was also up against the U.S. dollar, with EUR/USD gaining 0.51% to hit 1.3996.
Also Wednesday, official data showed that industrial production in the euro zone rose more-than-expected in August.
EUR/GBP hit 0.8840 during European morning trade, the pair’s highest since April 19; the pair subsequently consolidated at 0.8825, gaining 0.18%.
The pair was likely to find support at 0.8689, Tuesday’s low and resistance at 0.8945, the high of March 30.
Earlier in the day, official data showed that number of people claiming unemployment benefits in the U.K. rose more-than-expected in September, rising for a second consecutive month.
In a report, the U.K. Office for National Statistics said that the claimant count rose by a seasonally adjusted 5,300 in September, after rising by a revised 3,800 in August. Analysts had expected the claimant count to increase by 3,900 in September.
The rate of unemployment declined unexpectedly, falling to a seasonally adjusted 7.7% in August, after holding steady at 7.8% in July. Analysts had expected the rate of unemployment to remain unchanged in August.
The euro was also up against the U.S. dollar, with EUR/USD gaining 0.51% to hit 1.3996.
Also Wednesday, official data showed that industrial production in the euro zone rose more-than-expected in August.