Jobless claims in the U.K. are expected to rise 4.5K in September after climbing 2.3K in August, according to the median number of economists surveyed by Bloomberg News. At the same time, the claimant count rate is forecasted to remain unchanged at 4.5 percent during the month, while the ILO unemployment rate is estimated to stay unaffected at 7.8 percent.
Indeed, tomorrow’s report precedes the Bank of England Minutes which will be released on October 20th. Market participants may witness a three-way split as Andrew Sentance is expected to continue to call for a rate hike, while Adam Posen may reiterate his recent comments concerning additional quantitative easing. At the same time, other members of the MPC may continue their wait and see approach. All in all, a rise in jobless claims may add additional weight onto the single currency as the outlook for the economy remains blurry.
GBPUSD:After working its way into a ascending channel, the pair looks poised to close below the range, which is indicative or additional losses. At the same time, a crossover of the MACD may be on the horizon as the RSI neared overbought levels. Not to over look, the speculative sentiment index stands at 1.3, and signals for declines in the upcoming days.
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