7:07 AM · 15 August 2023

BREAKING: Strong UK wage growth; GBPUSD gains!

The UK unemployment rate came in at 4.2% against an expected 4% and an earlier reading of 4%. In terms of sheer numbers, the registered unemployed added 29,000, the highest since the Covid outbreak. The whole data paclk is topped off by a strong jump in wages (ex bonus), +7.8% y/y against the expected 7.4% and the earlier reading of 7.3%. Wages data continues to run hot and that might keep the pressure on the BOE to tighten policy further. The GBPUSD pair is gaining after today's data reading.

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Forex

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