Sterling rises on better than expected unemployment rate.
Sterling is under bullish pressure on the improved sterling sentiment today after it was reported that UK’s official jobless rate rose to 5.0% in November vs 5.1% expected, while the claimant count change showed a smaller-than-expected increase last month. Sterling sentiment also improved as investors return to risker assets on hopes for more stimulus in the United States, while Britain’s accelerated COVID-19 vaccine rollout also offered support to the pound. The pair is also driven up by the dollar sales on safe-haven outflows after Moderna reported its COVID-19 vaccine produced virus-neutralizing antibodies against new variants of COVID-19 found in the UK and South Africa. The vaccine is expected to be protective against emerging strains detected to date.
Expect buyers on downward corrections.
Next resistance to watch – 1.3750
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