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This morning we have had a lot of data released surrounding wage growth, claims and unemployment rates in the UK.
The results of the data showed us that a number of people in the UK working actually dropped to a level lower than we have seen in the last 2 years. This shows the pressure of Brexit’s impact and how leaving the EU can have a negative effect on the economy.
The stats also showed that the number of people who are unemployed and at the same time not looking for work rose by the most it has in the last 8 years.
The unemployment rate held at 4.3%, which the average earning’s rose by 2.2% beating the expectations of 2.1%
The Euro has strengthened after the eurozone growth data yesterday came in extremely positive, this shows that their economic recovery remains on track, thus supporting the move by Draghi to reduce the bond-buying program.
The US Dollar hit a 3 day low this morning as it came under additional pressure after Senate Republicans on Tuesday indicated that their tax overhaul plan may be linked to the repeal of a key component of Obamacare, complicating efforts to pass the bill.
Uncertainties over tax measures have hit the dollar in recent sessions, sending it down by more than 1% since last week.
Investors will be looking ahead to U.S. inflation data for October later today, which is expected to show just a modest increase in consumer prices.
GBP/EUR 1.1116
GBP/USD 1.3166
GBP/AED 4.7352
GBP/AUD 1.7350
GBP/CAD 1.6749
GBP/CHF 1.2987
GBP/NZD 1.9094
EUR/USD 1.1823
GBP/ZAR 18.734