About 10:30 markets got familiar with data relating to the UK earnings and employment. The report looks really good and the majority of the most important indicators showed a stronger upward trend than expected by the market.
Claimant count down the unemployment rate unchanged
The most important reading from the report from UK labor market is the change in the number applying for benefits. While October was unfavourably revised from 9,800 to 13,300, the result of November turned out to be far better than expected (2,4tys. Vs 5,5tys).
Other data from the report:
- Unemployment rate: 4.8% in line with expectations and the result for the previous month
- Average wages excluding bonuses: 2.6% vs. 2.5%, previously 2.4%
- Average salary including bonuses: 2.5% vs. 2.3%, previously 2.4% (after upward revision)
Pound sterling without much euphoria after the data
Although Wednesday increases on GBP/USD has been firmly stopped on 60% of the abolition of the latest decline, after data published by the ONS we saw a growth response which gave several pips:
On EUR/GBP pound gained in the last two hours, but contact with the daily level of the PP after 10:00 stopped further slides leading to a correction:
