The English pound edged up toward year-highs against the common currency of the European Union on Wednesday after official regional job market data trumped forecasts by analysts and economists, according to Bloomberg.
The pound rose in value against all but one of its top 16 counterpart monetary units after the Office of National Statistics said the unemployment level dropped to 7.1 percent for the three-month period through November of last year. Governor Mark Carney with the Bank of England has gone on record saying the jobless rate must touch the 7 percent mark and then the body he leads will take a close look at moving interest rates.
Bonds issued by the government of the U.K. dropped amid diving demand for assets considered more safe. The 7.1 percent regional unemployment level marks the lowest the metric has been in nearly five years.
The pound rose about 0.5 percent against the common currency of the European Union; it pushed ahead roughly 0.4 percent against the world's reserve currency.
The International Monetary Fund raised the regional growth rate for this year from 1.9 percent to 2.4 percent, according to The Evening Standard.
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