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Mark Carney of the Bank of England (BoE) has recently pegged the monetary policy of the central bank to the unemployment rate and, although the unemployment rate remained unchanged at 7.8%, the number of people claiming unemployment benefit dropped by over 21,000. The minutes from the latest BoE meeting revealed that all nine members voted in favour of keeping the bond-buying programme unchanged at £375 billion and interest rates at 0.5%, and traders welcomed the drop in jobless claims. Today’s decline in the number of people claiming unemployment benefit may not have been substantial enough to lower the unemployment rate, but it is still a step in the right direction.
The latest producer price index (PPI) report from the US came in at 0.0% in July, while economists were expecting a reading of 0.3%. GBP/USD traded higher on the back of the news, as this sign that demand is low could indicate the Federal Reserve will not change its monetary policy in the next few months.