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EUR/GBP erases losses after UK employment data

FXStreet (Córdoba) - The EUR/GBP bounced and erased all previous daily losses in the blink of an eye following the release of disappointing UK labor data.

UK labor data showed the economy added 167,000 jobs in the 3 months to June, versus expectation of 270,000. However, the unemployment rate has dropped to 6.4% from 6.5% as people abandoned the labor force.

The GBP came under broad pressure after data, but remained well within today’s ranges as investors are still awaiting the BoE Quarterly Inflation Report.

The EUR/GBP jumped from a low of 0.7932 to the 0.7950 area, erasing intraday losses. At time of writing, the pair is trading at 0.7945, little changed on the day.

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