Pound Rises On Robust U.K. Wage Growth
17 Dezember 2024 - 6:45AM
RTTF2
The British pound strengthened against other major currencies in
the European session on Tuesday, after the U.K. labor market data
for the three months ending October showed robust wage growth,
signaling that the Bank of England will hold off cutting interest
rates on Thursday.
Data from the Office for National Statistics showed that the
unemployment rate held steady at 4.3 percent during August to
October period. The rate came in line with expectations.
Excluding bonus, annual growth in average earnings came in at
5.2 percent compared to economists' forecast of 5.0 percent.
Earnings including bonus also grew 5.2 percent, which was faster
the forecast of 4.6 percent.
Further, data showed that vacancies decreased on the quarter for
the 29th consecutive period. The estimated number of vacancies fell
31,000 on the quarter to 818,000 in September to November.
Investors looked ahead to a slew of major central bank decisions
later in the week and watched closely the latest political
developments in Germany and France.
The U.S. Federal Reserve will announce its last move on interest
rates for the year on Wednesday and it is likely that the main rate
will be cut for a third straight time.
In the European trading today, the pound rose to more than a
4-1/2-month high of 1.1395 against the Swiss franc, a 5-day high of
1.2707 against the U.S. dollar and a 4-day high of 0.8258 against
the euro, from early lows of 1.1332, 1.2666 and 0.8296,
respectively. If the pound extends its uptrend, it is likely to
find resistance around 1.14 against the franc, 1.28 against the
greenback and 0.81 against the euro.
Against the yen, the pound edged up to 195.91 from an early low
of 195.10. The pound may test resistance around the 199.00
region.
Looking ahead, Canada CPI data for November, new housing price
index for November, U.S. retail sales data for November, industrial
and manufacturing production data for November, business
inventories for October and U.S. NAHB housing market index for
December are set to be released.
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