Wage growth catches inflation - MI120923

September 12, 2023
Wage growth catches inflation - MI120923

Data out this morning from the UK looks promising. The unemployment rate came in at the expected 4.3%. However the headline was the average earnings which has leapt to 7.8% growth. This is a figure slightly ahead of the UK inflation.

There was an initial jump for the Pound, but the gains were quickly given back. GBP/EUR and GBP/USD remain locked in the sideways trading pattern.

For the Pound it's a quiet day for scheduled news, although there is Eurozone news scheduled later this morning being the Zentrum für Europäische Wirtschaftsforschung (ZEW) economic sentiment for Germany and the wider Eurozone.

However the real moves could come at breakfast tomorrow in the UK. There's month on month GDP numbers out, industrial and manufacturing production, and the trade balance out, so could be a volatile start for the Pound tomorrow.

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Economic calendar

GER: 10:00 ZEW Survey

EUR: 10:00 ZEW Survey

UK: Wednesday 07:00 GDP Numbers

UK: Wednesday 07:00 Manufacturing and Industrial Production

UK: Wednesday 07:00 Trade Balance

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