Sterling Rises From Jobs Data

Pound lifted by positive employment news

UK Monthly GDP fell for the second time straight in April at -0.4% and Manufacturing Production is seeing the largest decline since June 2002, plummeting by 3.9%, a fall cry from the forecasted -1.1%. On the employment related news, wages had shown a larger than expected increase at 3.1% and unemployment rate remains at 44 years lows. These led to an overall slight increment in GBP/SGD pair yesterday by 0.17%.

Aussie falls on China’s economic woes

The Aussie slumped into the new week after official data revealed a surprise and steep fall in the value of Chinese goods imports last month, increasing fears for the health of the world’s second largest economy and putting the Aussie under pressure again. China’s trade surplus rose sharply during May thanks to an export trade with the rest of the world that rose by 1.1%, and due to a steep 8.5% fall in imports. This drove the trade surplus to $279 bn in May, from $94 bn previously. AUD/SGD is currently trading at 0.94 interbank levels.

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