The UK labor market is set to show continued weakness as [B]Jobless Claims[/B] rise by 25,000 in August, pushing the unemployment rate (known in the UK as the [B]Claimant Count[/B]) to a 12-year high at 5.0%. More of the same is expected going forward: a survey of economists polled by Bloomberg forecasts the jobless rate will top 9% next year. Continued job losses will trim incomes and discourage spending, threatening the economy’s ability to sustain recent improvements and potentially adding to selling pressure on the British Pound after yesterday’s damaging comments from Bank of England Governor Mervyn King. For our part, we sold GBPUSD at 1.6617.