EUR/GBP falls to 0.7800 after UK data

FXStreet (Córdoba) - EUR/GBP fell more than 40 pips in the blink of an eye and hit a fresh weekly low as the pound strengthened on the back of UK unemployment figures.

UK jobless claimants fell by 20,400 versus 22,000 expected in October, while the unemployment rate in the three months to September refused to fall and remained at 6.0% versus 5.9% forecasted. On the other hand, average weekly earnings rose 1.0% vs 0.8% expected and earnings ex-bonus climbed 1.3% vs 1.1% forecasted.

EUR/GBP fell to a low of 0.7800, stalling just a couple of pips ahead of this month lows. At time of writing, the pair is trading at 0.7810, 0.29% below its opening price.

Market’s attention now turns to the Bank of England Quarterly Inflation Report to be released at 10:30 GMT.