UK jobless claims rose by only 2.4K in November, better than 5.5K expected. This was somewhat offset by a revision for October to 13.3K. The unemployment rate remained unchanged at 4.8% in October and wages beat expectations: 2.5% y/y and 2.6% when bonuses are excluded.
GBP/USD seems to ignore the report, with markets focusing on the FED decision later in the day, and the Bank of England’s move tomorrow.
The UK was expected to report a rise of 5.5K in the number of jobless claims, aka Claimant Count Change, in November, after 9.8K in October. The unemployment rate for October was expected to remain unchanged at 4.8%. Wages were expected to continue rising at a pace of 2.3% y/y in October. Earnings excluding bonuses carried expectations for 2.5% after 2.4%.
Yesterday’s inflation figures beat expectations.
GBP/USD traded around 1.2670 ahead of the publication, off the highs.
The bigger event of the day is, of course, the FED decision. See the FED Preview: Three scenarios, only one USD-positive
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