Market insights

UK Unemployment Up To 4.2% - MI241023

Pound rates had some volatility this morning as the UK unemployment rate came in slightly higher than anticipated. This could put further pressure on the Bank of England to keep interest rates where they are to try and bolster the economy.

It will be interesting to see if this short term lift is sustained as a raft of global data is released. There's European, UK and US manufacturing and services numbers out through the course of the day, so expect GBP/EUR and GBP/USD to shift.

There's also Australian inflation numbers out in the early hours of tomorrow so Australian Dollar rates could also move between now and breakfast tomorrow. Analysts are expecting annualised growth of 5.3%

Business news centres on the employment market along with the 10% rise in the real living wage that employers could have voluntarily signed up to. 460,000 workers in the UK will see the benefit of the rise.

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Economic calendar

EUR: 09:00 Manufacturing and Services Data

UK: 09:30 Manufacturing and Services Data

EUR: 13:30 ECB's Christine Lagarde Speech

US: 14:45 Manufacturing and Services Data

AUS: Wednesday 01:30 Inflation Number

As ever we look forward to looking after you and please keep an eye out for our next Insight.

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