Sterling shines after upbeat UK jobs data

September 11, 2013

Sterling was the main market focus today as markets shifted away from the recent geopolitical headlines on Syria and are back to the fundamentals. 

The U.K. released some employment data showing the jobless rate dipped more than expected to 7.7 percent while the number of claimants for jobless benefits also declined by more than forecast 

GBPUSD shot up to a new 7-month high after the data to $1.5827 before easing to prior levels on profit taking. 

No key Euro zone data today kept the euro steady against the dollar. EURUSD continued to trade above key support of $1.3250 but without achieving any significant moves in any direction and stuck in a range since Monday. 

Forthcoming risk for the euro will be the German elections as well as political uncertainty in Italy.

USDJPY moved significantly higher in the Asian session to 100.62 yen before steadying in Europe to hover at key support of 100.20 yen. Yen weakness will also be underpinned by any Bank of Japan policy announcements, especially if there is more quantitative easing.

Dollar direction will be determined by the upcoming Federal Reserve meeting, which will hopefully give investors a clearer signal of when the Fed will being tapering. Scaling back on stimulus this month will be dollar-positive.

Gold has found key support at $ 1,360 after its huge tumble on Tuesday as safe haven demand fell on news that a military strike on Syria has been put off for now.

Oil also benefitted from the easing crisis in the Middle East, with crude dropping back down to the lower $107 range today.

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