Today saw a further glimmer of hope first thing this morning as average wage growth hit the highest pace in 20 years. However it must be noted that this is still way behind the rate of inflation, so the gap between earnings and costs is widening.
Average earnings in the UK came in at 6.4% growth. However, at breakfast tomorrow, analysts are expecting the UK to release a year on year inflation growth of 10.6%.
Earlier in the morning China released GDP data that was well ahead of expectations. Analysts had predicted growth of 1.8% year on year, but the actual numbers came in at 2.9% growth. Interestingly the Chinese Yuan took a dip on this data versus the Pound as it takes the pressure off the Peoples Bank of China intervening in the economy in any way.
Today also sees Canada releasing it's inflation numbers where analysts are expecting year on year growth of 6.1%. Overnight Japan steps into the mix as the Bank of Japan releases it's interest rate decision.
Today’s Economic Calendar
CAN: 13:30 Inflation Numbers
JPN: Wednesday 03:00 BoJ Interest Rate Decision
UK: Wednesday 07:00 Inflation Numbers
As ever we look forward to keeping you in the loop and look out for our next update.
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