Markets  |  February 20, 2013 10:55:00

GBP / USD goes boldly to the south

Number of Britons claiming unemployment benefit fell in January more than expected survey of economists. British Statistical Office said the number of applications for aid fell by 12,500 compared with 5 000ovým expectations. Number of employed British and lived to see historical highs, and 27730000.

Islanders out of work fell by 14,000 in the last quarter of 2012 to a total of 2.501 million. The unemployment rate, however, measurements in mom jumped by 0.1 percent to 7.8 percent. British employers are planning to hire new employees in the first half of this year. Improvements should thus face more private sector. Growth in average weekly earnings with bonuses slowed to 1.4 percent in 4th quarter of the 2012th Weekly earnings adjusted for bonuses grew by only 1.3 percent and thus slightly disappointed expectations. It is the slowest growth since June 2010.Wage growth is lagging behind so strong inflation of 2.7 percent (CPI), which undermines consumer spending and it can significantly weaken economic growth.

The central bank of the United Kingdom (BoE) published the minutes of the board meetings. According to figures published by the BoE could resume its quantitative easing program. For example, BoE Governor Mervyn King, together with the Executive Director Markets Paul Fisher and an external board member David Miles voted at the meeting to increase purchases of government bonds from L 375 billion to 400 billion. The final vote, however, ended in a 6:3 ratio to increase. In recent months, supported extensions Miles purchases only. At a press conference this prediction Governor Mervyn King did not rule out more bond purchases, but said that the benefits to the economy resulting from such action diminishes.King currently predicted a slow recovery of the economy over the next three years, after two years of stagnation due to the crisis in the eurozone, consolidation of government policy and high inflation, undermining consumer spending.

Last voted on in the 6:3 ratio in June 2012 against the increase in the volume of purchased bonds of 50 billion pounds, a month later, however, this increase was approved. Economists expect an increase in volume because of high inflation. Ta (measured by the CPI) should not fall below 2 percent target by 2016. The meeting will also vote on interest rates, which resulted in the ratio of 9:0 to maintain a record low rate of 0.5 percent.

Currency pair GBP / USD almost reached the 1529 9-month lows. If the market is able to pass without problems and this support, which also coincides with the Fibonacci level 50, so we can expect a further weakening.The nearest technical support would be price 1486. Looking ahead, we remain in a bear trend and traders should focus only on short positions.

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