The past two weeks saw focus by BOE and the media on the strength of employment and job creation in the UK. Today’s Claimant Count and Unemployment Rate would be in focus.
I decided to do a stop if bid and offered spread. At about 5:25pm, spot rate was 1.4750 and I placed a LONG stop if bid at 1.4775 and SHORT stop if offered at 1.4720.
The data came out just slightly weaker with unemployment jumping up to 5.7% and claimant count increasing slightly.
Market didn’t like it and sold the GBP down to 1.4620 at about 6:45pm, but I squared the position at 1.4672 at 5:45pm before leaving the office.
Made a tidy trading profit of 48bps.
The Panthenon Investment Group 