Latest data released by ONS - 13 Dec 2017
- Prior revised to 2.3% from 2.2%
- Average weekly earnings (ex-bonus) 3m/y +2.3% vs +2.2% expected
- Claimant count change +5.9k vs +3.2k expected
- Claimant count rate 2.3% vs 2.3% prior
- ILO unemployment rate 4.3% vs 4.2% expected
- Employment change -56k vs -40k expected
Cable falling by a staggering 10 pips on the data release. The bigger jump in the pair has come over the last 20 minutes, where it moved up by 40 pips to a high of 1.3368 right before the data was released.
Data is pretty much bang on expectations. The unemployment rate not falling to 4.2% is still alright. But a 2.5% growth in wages is a positive sign to say the least. But as mentioned, Cable made its move prior to the data release already.
ONS report here.
So, following yesterday's higher inflation numbers - at least we're seeing part of that translating to higher wages as well. That is somewhat a positive signal.
Update: GBP/USD now down to 1.3346 after 7 mins after the release. The pair had a run up higher from 1.3330 levels to 1.3368 prior to the data release.