Aussie Confidence Falls, UK Unemployment & Key Reports Ahead

Written by

Anthony Bull

Daily Currency Update

A text explaining UK Unemployment

Aussie Confidence Falls, UK Unemployment & Key Reports Ahead

Australia: Earlier today, at 2:30 a.m., Australia reported that NAB Business Confidence for May declined to -3, falling from 2 in the last reading. This indicates businesses in Australia are getting more pessimistic than before.

United Kingdom: Released UK Unemployment Rate for April at 7:00 a.m., posting a 4.4%—above the expected and prior level of 4.3%. A slight increase in the rate raises speculation over UK job and economic front.

UK Unemployment

Tomorrow: Is set to be a big day with several key economic reports:

  • UK GDP: The UK’s GDP report will be released in the morning, with a forecast of 0.1%.
  • U.S. Inflation and Interest Rates: Later, the U.S. will announce its inflation figures. The Federal Reserve is expected to keep interest rates at 5.5%, and the inflation rate is forecasted to stay at 3.6%.

UK Unemployment

The GBP/USD pair fell back from a high of 1.2740 to 1.2720 after the UK employment data came in slightly better than expected. All eyes are now on the US inflation data set to come out tomorrow.

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