- The Pound Sterling stays on backfoot in European trading hours on Wednesday after a sharp sell-off on Tuesday. The British currency tumbled after the United Kingdom (UK) labor market data for three months ending September showed that the Unemployment Rate rose more than expected to 4.3%. Fresh payrolls also came in lower at 219K against the 373K jobs added in three months ending August.
- "The higher (UK) unemployment rate could see the market start to price in a higher chance of a rate cut from the Bank of England (BoE) next month," according to analysts at XTB.
- However, not all components of the labor market data were unfavorable for the Pound Sterling as Average Earnings data, a key measure of wage growth that drives consumer spending, came in higher than expected.
- After the employment data release, the comments from BoE Chief Economist Huw Pill at the conference of Swiss Bank UBS suggested that he is slightly concerned over inflationary pressures remaining persistent. "As we saw in the labour market data that was released this morning, pay growth remains quite sticky at elevated levels and levels that - given the outlook for productivity growth in the UK - are hard to reconcile with the UK inflation target,” Pill said, Reuters reported.
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