UK unemployment rate unexpectedly remained unchanged
Nicolas Suiffet June 16, 2020 8:55 AM
The Office for National Statistics said Tuesday that the number of people seeking unemployment benefits increased by more than 1.5 million in the two months through May.
The Office for National Statistics said Tuesday that the number of people seeking unemployment benefits increased by more than 1.5 million in the two months through May. However, there was a drop in jobless claims between April and May. The unemployment rate for the quarter to April unexpectedly remained unchanged at 3.9%.
On Thursday, the Bank of England may decide to strengthen its aid package for the British economy.
From a chartist’s point of view, the FTSE 100 has landed on a short term support at 5931 and is posting a rebound. However, the medium term technical picture remains challenging as prices are nearing a significant hurdle near 6700 (overlap). The 20-week simple moving average is still heading downward. Even though a continuation of the rebound cannot be ruled out, its extent should be limited. Readers may want to consider opening short positions below the key resistance at 6700. A break below 5931 would open a path to see 5400. Alternatively, a push above the key resistance at 6700 would reinstate a bullish bias with 7100 as the first target.
Source: GAIN Capital, TradingView
StoneX Financial Ltd (trading as “City Index”) is an execution-only service provider. This material, whether or not it states any opinions, is for general information purposes only and it does not take into account your personal circumstances or objectives. This material has been prepared using the thoughts and opinions of the author and these may change. However, City Index does not plan to provide further updates to any material once published and it is not under any obligation to keep this material up to date. This material is short term in nature and may only relate to facts and circumstances existing at a specific time or day. Nothing in this material is (or should be considered to be) financial, investment, legal, tax or other advice and no reliance should be placed on it.
No opinion given in this material constitutes a recommendation by City Index or the author that any particular investment, security, transaction or investment strategy is suitable for any specific person. The material has not been prepared in accordance with legal requirements designed to promote the independence of investment research. Although City Index is not specifically prevented from dealing before providing this material, City Index does not seek to take advantage of the material prior to its dissemination. This material is not intended for distribution to, or use by, any person in any country or jurisdiction where such distribution or use would be contrary to local law or regulation.