UK jobs data for December was released today at 7:00 am GMT. Report was expected to show a slowdown in weekly wage growth as well as a drop in the unemployment rate to the lowest level since May 2023. Actual report turned out to be a hawkish surprise with wage growth slowing less than expected, employment growing more than expected and unemployment rate dropping to 3.8% - the lowest level since April 2023.
GBP gained following the release, with GBPUSD jumping around 0.2% in a knee-jerk reaction.
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- Weekly wage growth: 5.8% YoY vs 5.6% YoY expected (6.5% YoY previously)
- Weekly wage growth (excluding bonuses): 6.2% YoY vs 6.0% YoY expected (6.6% YoY previously)
- Employment change: 72k vs 50k expected (73k previously)
- Unemployment rate: 3.8% vs 4.0% expected (4.2% previously)
GBPUSD jumped and tested 1.2640 resistance zone after better-than-expected jobs report from the United Kingdom. Source: xStation5
