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GBP/USD slips as UK wages rise less than expected

The UK December (and 3 months to November) jobs report has just been released. Ahead of this the markets were not quite sure what to expect from the data, as the ONS is still collating this on a new experimental format. That said, wages in the 3 months to November were expected to show a decline, rising by around 6.8%, compared to a prior run rate of 7.2%. The unemployment rate over the same period was forecast to remain unchanged, at 4.2%. The latest monthly claimant count was uncertain due to this new accounting formula. It has just been reported at 11,700. Wages have fallen back by more than expected, running now at 6.5%. The underlying rate has remained, as expected at 4.2%. The pound has fallen back further on this lower than forecast wages rise. The GBP/USD has just now fallen to 1.2663. It is currently trading at 1.2673

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