- Russian Ruble welcomes a relief rally against the GBP
- Russia’s trade balance increased to $21.17 billion
- Lockdown in Shenzhen, China threatens supply chain turmoil
- UK unemployment rate falls in February
At the foreign exchange market, the value of the Russian ruble appreciated on Monday settling slightly up +8.71% at 0.006379 against the British Pound. The RUB/GBP exchange rate was seen trading on Tuesday morning within a trading range of an intra-day low of 0.006367 and a high of 0.006906.
In Russia, the trade surplus contracted modestly to $21.17 billion in January after it increased to a record of $26.72 billion in December.
Elsewhere, new lockdowns in Shenzhen, China add to the fears of more global supply chain turmoil. The lockdown will add more upside pressure to inflation and increase risk aversion.
Meanwhile, in the UK the unemployment rate fell to the pre-pandemic level of 3.9% down from 4.1% as companies continue to hire more once the COVID restriction where lifted. According to the Office for National Statistics (ONS), the number of workers on company payrolls dropped by 48,100 in February after it fell by 31,900 in January.
Since the easing of COVD lockdown measures earlier this year, the total of employees on payroll continued to grow strongly in the UK.
At the same time, the annual wedge growth, excluding bonuses, increased to 3.8% up from the 3.7% previous reading. The GBP cheered the positive development in the UK’s job market and rallied against a basket of other major currencies.
A message from Wise (formerly TransferWise)
Our team is made up of over 90 nationalities, with offices all over the world — including Cherkasy — so we felt it important to put together resources for donating, and sending money to Ukraine. You can access this
support hub here.
Currencylive.com is a news site only and not a currency trading platform. Currencylive.com is a site operated by Wise US Inc ("We", "Us"), a Delaware Corporation. We do not guarantee that the website will operate in an uninterrupted or error-free manner or is free of viruses or other harmful components. The content on our site is provided for general information only and is not intended as an exhaustive treatment of its subject. We expressly disclaim any contractual or fiduciary relationship with you on the basis of the content of our site, any you may not rely thereon for any purpose. You should consult with qualified professionals or specialists before taking, or refraining from, any action on the basis of the content on our site. Although we make reasonable efforts to update the information on our site, we make no representations, warranties or guarantees, whether express or implied, that the content on our site is accurate, complete or up to date, and DISCLAIM ANY IMPLIED WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE. Some of the content posted on this site has been commissioned by Us, but is the work of independent contractors. These contractors are not employees, workers, agents or partners of Wise and they do not hold themselves out as one. The information and content posted by these independent contractors have not been verified or approved by Us. The views expressed by these independent contractors on currencylive.com do not represent our views.