GBP pared losses after U.K. jobs data

Sterling pared losses after U.K. jobs data showed basic wage growth accelerated in the three months to March and the jobless rate stayed at a 43-year low.

This will help strengthen faith in an August rate hike, with markets now pricing more than 50% odds versus ~47% yesterday.

It’s perhaps unsurprising the jobs market looks resilient. As Bloomberg Intelligence economists pointed out, when faced with a slowdown in demand, U.K. companies tend to adjust how they use resources rather than immediately cutting the workforce if they believe the slowdown is a blip.

Source: Bloomberg Pro Terminal

 Trader Georgi Bozhidarov

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