Market insights

UK unemployment rate rises unexpectedly

At breakfast time this morning the UK's unemployment number was released along with the average earnings number. Unemployment has risen to 4% from 3.8% and average earning have risen by 7.3%. The latter number could be a worry for the Bank of England which is trying to cool down inflation.

Interestingly there was little effect on Pound rates. Against the Euro the Pound is tracking sideways and against the Dollar the Pound has been steadily strengthening. The Pound has also recovered versus the Australian Dollar and the New Zealand Dollar. NZD rates could move in the early hours of tomorrow when the Reserve Bank of New Zealand releases it's interest rate decision. Analysts are expecting the rate to be left at 5.5%.

Other than that there's little else to get teeth into today.

Business news centres on the unemployment number and the concern over inflation, and there's also a large section covering mortgage rates. The average 2 year fixed is around 6.63%.

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Economic calendar

Wednesday 03:00 RBNZ Interest Rate Decision

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