UK unemployment rose slightly in October according to the figures out this morning. The rate has risen to 3.6% from 3.5% previously. Also the claimant count has increased slightly month on month by 3.3k. Average earnings also increased by 5.7% when looking at comparable numbers from last year. However the earnings increase is still well behind the rises in the cost of living.
GBP/EUR continues it's volatility dance. Yesterday saw a substantial weakening of the Pound during the day, but the rate still remains in a short term sideways channel that goes back to September. The Autumn statement could be the determining factor on whether rates break out one way or the other.
GBP/USD still remains in recovery for the Pound overall and fears of parity seem to have subsided for the moment.
Analysts eyes will be on the G20 summit being held in Bali today where the expectation is a continuing criticism of Russia and perhaps China although the President of China is meeting the Australian Prime Minister today for the first time in 6 years so it will be interesting to see the outcome of that.
Today sees European GDP data out this morning, but it's fair to say that commentators on the Pound will probably be drawn to the UK's inflation numbers out at breakfast tomorrow where analysts are expecting a reading of 10.6%.
Today’s Economic Calendar
EUR: 10:00 Preliminary GDP Data
EUR: 17:30 ECB's Frank Elderson Speech
UK: Wednesday 07:00 Inflation Data
As ever we look forward to keeping you in the loop and look out for our next update.
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