The UK unemployment rate just plunged. It fell from 7.4% to 7.1%. It was only expected to fall to 7.3%.
The pound is surging on the news, as traders wonder whether the BOE will be pressured to begin the tightening cycle. This is not dissimilar to the situation in the US, where a plunging unempployment rate is seen as putting more and more pressure on the Fed to act.
Here's a chart of the British Pound.
