The UK Unemployment Rate Just Plunged, And The Pound Is Surging

The UK economy continues to look hot.

According to official statistics, in the first quarter of the year, the unemployment rate fell to 6.9% from 7.1%.

This 6.9% level is actually below the 7% threshold that the Bank of England had previously set as a key target.

Wages are also rising, with pay 1.7% higher than a year earlier. With British inflation having recently fallen to 1.6%, British workers are finally catching up with the cost of living.

The strong number is causing the pound to surge.

Here's the pound vs. the dollar via FinViz: