19.01.201712:39 Forex Analysis & Reviews: Global macro overview for 19/01/2017

Global macro overview for 19/01/2017:

The market analysts were surprised by the latest data from the British jobs market. The Claimant Count Change (provides data about those individuals who are out of work and who are claiming unemployment benefits) declined -10.1k unexpectedly, while market analysts expected a slight rise of 4.6k after 1.3k increase a month ago. Moreover, the Unemployment Rate remainded steady at the level of 4.8%, together with unchanged Claimant Count Rate (the number of people who claim unemployment benefits, but actively seeking work) at the level of 2.3%. Another good news was the fact, that Average Earnings Index increased 2.8% in the three-month period to November while market participants expected a 2.6% increase only. In conclusion, with employment still close to record levels and unemployment continuing to decrease, the latest indicators confirm that the UK jobs market remains a major bright spot for the UK economy.

Let's now take a look at EUR/GBP technical picture in the daily time frame. After the golden trend line break, the price has been capped at the level of 0.8855 and now it is falling from this resistnace to test the technical support at the level of 0.8672. The market is still trading above all of the moving averages and the near-term outlook is still bullish.