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GBP/USD Extends Gains on Good Employment Data
British Claimant Count Change rose by only 17.5K in September, showing a slower growth in unemployment. GBP/USD enjoys this move to extend its gains that began prior to the event. The unemployment rate for August disappointed by jumping to 8.1%, higher than an unchanged figure of 7.9% that was expected. GBP/USD made a small jump from around 1.5670 to 1.5690, but finds fierce resistance at this level. A line to watch is 1.5706. The rise in the unemployment rate lags the rise in jobless claims. The slower rise in claims dominates. While the number of jobless claims has been rising since March, last month's rise of ... (full story)
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