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GBP/USD dips amid British unemployment data

On Wednesday, the British pound dipped against its main American counterpart, right after the issue of pessimistic British unemployment data, which powered worries over the actual strength of the UK’s economy, though the greenback’s revenues were limited by the previous trading session’s downbeat US economic reports.    

During European morning trade, the currency pair GBP/USD reached 1.4348, the trading session’s low. However, after a while the pair managed to consolidate at 1.4364, losing 0.22%.      

According to the British Office for National Statistics, the overall unemployment rate stood around 5.1% for the three months in February, in general, in line with expectations.

However, claimant count suddenly edged up by approximately 6,700 in February, compared with expectations for a decline of 11,300 people and also following a dip of 9,300 last month, whose figure got revises from the previously posted descend of 18,000. Apparently, it appeared to be the first claimant count surge since last year’s August.     

 

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