An upbeat UK jobs report helped to keep the Pound Sterling near earlier highs, though uncertainty as it relates to the Brexit has kept many investors on the sidelines. The Office of National Statistics reported the employment rate at an all-time-high of 76.1%, with the unemployment rate at 3.1%. More importantly, average weekly earnings rose, even after inflation, both with and without bonuses. Analysts say that strong data was enough to encourage consolidation of some Sterling positions.
As reported at 11:43 am (GMT) in London, the GBP/USD was trading higher at $1.3285, a gain of 0.2937; the pair is not far from the earlier peak of $1.3288 while the low was recorded at $1.3244 for the session. The EUR/GBP was trading at 0.8546 Pence, down 0.10164%; the pair has ranged from a trough of 0.85422 Pence to a high of 0.85636 Pence in this trading session.
Brexit Worries Still Key Factor
Brexit uncertainty and how the vote for Theresa May's proposed deal will be played out in Parliament continue to keep gains in check. Yesterday, the Parliament's Speaker said that the Prime Minister needed to put forth a different proposal in order for a vote to take place. Analysts say that the likelihood of a postponement of the Brexit remains high, however, and that is what is drawing interest for investors who are buying Sterling at its dips.