UK August jobless claims have come in at +24,400, pretty much in line with median forecast of +25k. Unemployment rate 5% (highest since Sept 1997) exactly as expected, and ILO unemployment rate for 3 months to July 7.9% (highest since Sept-Nov 1996) slightly below our forecast of 8%.
Cable has rallied marginally in wake of numbers, presently at 1.6485 from around 1.6470 just prior to release. Technical resistance now at 1.6510/20.
