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GBP/USD lifts as UK jobs and wages data beats forecasts
The January UK jobs report has just been released and it has beaten forecasts in terms of the headline rate, which has fallen to below 4%. At the same time average UK earnings have risen more than expected and that earnings data is not subject to any scrutiny that might affect the ILO unemployment level (due to ONS re-calculations). That wages data has impacted GILTS (UK Government bonds) and they have fallen on this news and that has helped to lift the pound to around 1.2640. However, as mentioned earlier this reaction is somewhat muted in terms of what we might normally expect, given the rise in wages and fall in UK bonds. That does not mean the pound cannot lift more though, especially versus the Euro perhaps. The GBP/USD is currently trading at 1.2640
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