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GBP/USD lifts after UK wages rise more than expected
The UK monthly and quarterly jobs reports have just been released. The markets were braced for UK wages to rise more than previously reported and that is exactly what just what showed up. UK wages rose by 5.2% in the 3 months to October. the previous rate was at 4.3% and the markets had forecast a rise of 4.6%. As expected payrolls did fall in November too. They fell by 35k which was more than the 10k drop forecast. The underlying rate of unemployment in the three months to October remained at 4.3%, but that is not going to last- we know that. Nevertheless the Pound has lifted on that wages news, as it means no cut from the BOE on Thursday. we can pretty much guarantee that will be the case with wage inflation at those levels. So, the GBP/USD has bounced from below 1.2670 and come close to the 1.27 handle again. It is currently trading at 1.2690
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