GBP Sinks As Unemployment Hits 3-Year High

Access To Financial Markets Made Easy • Oct 14, 2020 at 4:04 AM EDT

The British pound has been one of the worst-performing currencies this week as the UK unemployment rate surged to its highest level in more than three years.

The British pound has been one of the worst-performing currencies this week as the UK unemployment rate surged to its highest level in more than three years. In the last quarter to August, the unemployment rate rose to 4.5% compared to 4.1% in the previous quarter. Redundancy levels also rose to their highest level since 2009.

GBP sinks as unemployment hits 3-year high

Further pressure has been mounting on the British pound as the UK and European Union are still deadlocked in their talks over a trade deal for their future relationship. Currently, both sides believe the other has not offered enough for talks to conclude and enter the 'tunnel phase', with a hard stance from the UK on business subsidies and fisheries from the EU.

Disclaimer:

The given data provides additional information regarding all analysis, estimates, prognosis, forecasts or other similar assessments or information (hereinafter "Analysis") published on the website of Admiral Markets. Before making any investment decisions please pay close attention to the following:

This is a marketing communication. The content is published for informative purposes only and is in no way to be construed as investment advice or recommendation. It has not been prepared in accordance with legal requirements designed to promote the independence of investment research, and that it is not subject to any prohibition on dealing ahead of the dissemination of investment research.

Any investment decision is made by each client alone whereas Admiral Markets Group AS investment firms (Admiral Markets) shall not be responsible for any loss or damage arising from any such decision, whether or not based on the content.

The Analysis is prepared by an independent analyst (hereinafter "Author") based on the Author's personal estimations.

To ensure that the interests of the clients would be protected and objectivity of the Analysis would not be damaged Admiral Markets has established relevant internal procedures for prevention and management of conflicts of interest.

Whilst every reasonable effort is taken to ensure that all sources of the content are reliable and that all information is presented, as much as possible, in an understandable, timely, precise and complete manner, Admiral Markets does not guarantee the accuracy or completeness of any information contained within the Analysis.

Any kind of past or modeled performance of financial instruments indicated within the content should not be construed as an express or implied promise, guarantee or implication by Admiral Markets for any future performance. The value of the financial instrument may both increase and decrease and the preservation of the asset value is not guaranteed.

Leveraged products (including contracts for difference) are speculative in nature and may result in losses or profit. Before you start trading, you should make sure that you understand all the risks.