The unemployment rate in the UK decreased to 3.8% from 3.9%. However, economists had expected it to remain unchanged. Some had anticipated an increase to 4.0%. In light of such upbeat data, the pound immediately went up. We can even say that this data has even triggered a correction in the forex market.
Although the market is awaiting tomorrow's FOMC meeting, important data will be delivered today as well. The United States will publish its inflation statistics, which is of great importance to the American regulator. Consumer price growth is projected to slow down to 4.3% from 4.9%. Of course, this does not mean that the Federal Reserve will cut rates tomorrow, but there will almost certainly be statements about gradually stabilizing inflation. Perhaps the bank will even hint at cutting interest rates before autumn arrives. In other words, inflation results may well trigger a prolonged and significant correction. After all, the dollar is still extremely overbought.
EUR/USD has resumed its rise after a brief pause. It reached a new swing high. Consolidation above the 1.0800 level could well lead to an increase in buying volumes. This move, in turn, indicates a recovery in the euro recovery after the recent correction.
Regarding GBP/USD, increased speculative activity has temporarily exerted pressure on buyers. Quotes almost returned to the area of a swing high, indicating continuing bullish sentiment in the market. If the current cycle goes on, the price may reach a new medium-term high.
