Better than expected data from the UK on most fronts: average earnings rise 2.9%, significantly better than 2.5% expected and this also comes with upwards revision of last month’s number from 2.4% to 2.6%. Excluding bonuses, a rise of 2.9% was also recorded, and this came out as expected. More good news came from the unemployment rate which surprised with a slide to 5.5%. The only disappointment came from the rise in jobless claims, +1.2K, but it was partially countered by an upwards revision.
All in all, the much needed rise in wages, the biggest jump since 2009, and the drop in unemployment certainly cheer the pound. GBP/USD is on the rise above 1.5380.
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