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Employment data in the U.K. follow the same route as the U.S. by showing a slower rate of job losses. May saw the economy give back 39.3K versus the 60K that was expected. However this failed to inspire significant bullish sentiment as we may have sen the pound price in all of the abating pessimism. Therefore, we could see some range bound price action or weakness as markets await the next catalyst. A jump in U.K. retail sales could reignite bullish sentiment, but the 0.3% that is expected will do little but to perpetuate the current outlook of a stabilizing economy with a challenging recovery.
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John Rivera is the author of Market Brief, Top FX Headlines, and Forex Trading Weekly Forecast on DailyFX.com.
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