Market insights

UK Wage Growth Slows

Breakfast saw the unemployment rate and the average earnings reported in the UK.

Unemployment came in at the expected 4.4%, whilst wage growth slowed to 5.7%.

However this is in line with dropping inflation which is at 2%, so wage growth is now outstripping increases in prices.

This was a bit of storm in a teacup for Sterling rates that showed a bit of volatility before calming down.

Looking ahead the big news is the European interest rate decision where analysts are expecting a hold at 4.25%.

The ECB press conference follows which could be the mover for GBP/EUR today.

Going into tomorrow is eyes back on the Pound.

Just after midnight there's a consumer confidence reading before the retail sales report out at breakfast.

Analysts are expecting the June report to show a -0.4% monthly contraction.

Business news looks at how long some of the changes suggested by Labour could take to make a difference....the expectation is it could take a while....

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Economic calendar

EUR: 13:15 ECB Interest Rate Decision

EUR: 13:45 ECB Press Conference

UK: Friday 00:01 Gfk Consumer Confidence

UK: Friday 07:00 Retail Sales

As ever we look forward to keeping you in the loop and look out for our next update.
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