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GBP/USD rises after UK unemployment data

FXStreet (Córdoba) - GBP/USD bounced off daily lows and erases early losses following the release of UK employment numbers.

While jobless claimants in the UK declined less than expected in October by 20,400 versus -22,000 expected, the unemployment rate in the three months to September refused to fall and remained at 6.0% versus 5.9% forecasted. On the other hand, average weekly earnings 3m/3m rose 1.0% vs 0.8% expected y/y and earnings ex-bonus climbed 1.3% vs 1.1% expected.

Solid wages data underpinned the pound but was tempered by unemployment figues. GBP/USD climbed back above 1.5900 an hit an hourly high of 1.5935. At time of writing, the pair is trading at 1.5920, effectively unchanged on the day.

Investors attention now turns to the Bank of England Quarterly Inflation Report to be released at 10:30 GMT.

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