Sterling jumps on UK unemployment data

<p>Falling unemployment provided a boost for sterling.</p>

Sterling saw its value jump yesterday (September 11th) on the back of the surprise news that unemployment has fallen in the UK.

According to Andy Scott, premier account manager at foreign currency specialists at HiFX, the pound rose by around 0.5 per cent against the dollar.

He explained that sterling also increased in value when compared to the euro and pointed out the pound has now reached a seven-month high against the dollar over 1.58 and a seven-month high against the euro.

Mr Scott said: "This is yet another positive surprise on the economy which has been seeing a strong period of growth for the past five months and which looks to be turning a corner."

UK chancellor George Osborne also recently claimed in a major speech in London that the economy is "turning a corner" under the Conservative-Liberal Democrat coalition.

Official data shows that during the second quarter of the year, the economy expanded by 0.7 per cent.

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