During early European deals on Wednesday, the British pound surged higher against other major currencies following the release of the country's better employment report.
Latest figures from the Office for National Statistics showed that the jobless claims in the UK rose less than expected in March, while the claimant count rate remain unchanged and the unemployment rate eased.
The claimant count in March was 1.61 million, up 3,600 on the previous month. Economists expected an increase of 6,000. The claimant count rate was 4.9 percent, unchanged on the previous month. Economists expected an increase to 5 percent.
The unemployment rate during the three months through February was 8.3 percent, down 0.1 from the three months ended January. Economists had forecast the rate to remain unchanged.
Elsewhere, minutes from the Bank of England's April 4-5 meeting revealed that the board members decided to maintain the size of the asset purchase programme at GBP 325 billion through a split vote as one member called for an increase in stimulus.
Eight members of the MPC, including Governor Mervyn King voted to retain quantitative easing at GBP 325 billion. But David Miles sought an increase in the asset purchase programme by GBP 25 billion to a total of GBP 350 billion. According to him, the balance of risks continued to warrant an expansion of the asset purchase programme this month, although the decision was finely balanced.
At the same time, the committee voted unanimously to maintain the interest rate at a historic low of 0.50 percent.
After hitting a low of 1.5897 against the US dollar at 3:20 am ET, the pound advanced. As of now, the pound-dollar pair is trading at a 15-day high of 1.5996 with 1.606 seen as the next upside target level. The pair ended yesterday's trading at 1.5926.
Against the yen, the pound is trading at a 12-day high of 130.34 and the next upside target level for the pound is seen at 131.0. At yesterday's close, the pound-yen pair was quoted at 128.77.
The pound is currently trading at a fresh 19-month high of 0.8194 against the euro and a 3-month high of 1.4677 against the franc, compared to Tuesday's close of 0.8246 and 1.4578, respectively. If the pound advances further, it may likely target 0.80 against the euro and 1.480 against the franc.
Looking ahead, Bank of Canada's monetary policy report is expected at 10:30 am ET.
There are no major economic reports due from the U.S. today.
For comments and feedback contact: editorial@rttnews.com
Forex News
June 12, 2026 17:14 ET Major central bank action was the focus this week in economic news. The European Central Bank became the first major central bank to move in response to the rising inflationary pressures in the backdrop of the conflict in the Middle East. In North America, the U.S. inflation and trade data as well as Canada’s central bank decision gained attention. The Chinese trade data was the main news in Asia.