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The British pound strengthened against the Greenback, following the UK Average Earnings Index data release. The GBP/USD currency pair gained 22 pips in 2m range, or 0.16%, to continue fluctuating in the 1.3256 area.
The Office for National Statistics released Average Earnings Index data that came out in line with expectation of 2.5%, but lower from previous period.
"The conclusion so far being that a no deal Brexit is increasingly likely as Theresa May's authority diminishes, which could lead to loser monetary policy to support a hard hit struggling post Brexit economy – understandably pound traders are selling out hard", said Fiona Cincotta, a senior market analyst at City Index.
| Historical Data Table: UK Average Earnings Index 3m/y | Economic Calendar for 18.07.2018 | ||||||||
| Date | 24.01.2018 | 21.02.2018 | 21.03.2018 | 17.04.2018 | 17.07.2018 | Tentative | German 30-y Bond Auction | ||
| Actual | 2.50% | 2.50% | 2.80% | 2.80% | 2.50% | 12:30 PM | US Building Permits | ||
| Forecast | 2.50% | 2.50% | 2.60% | 3.00% | 2.50% | 12:30 PM | US Housing Starts | ||
| Initial Reaction on Main Pairs | SWFX Sentiment Indexes | ||||||||
| Open Price | Close Price | % Change | Longs | Shorts | |||||
| GBP/USD | 1.32431 | 1.32565 | 0.10% | GBP/USD | 62.29% | 37.71% | |||
| EUR/GBP | 0.88522 | 0.88498 | -0.03% | EUR/GBP | 28.46% | 71.54% | |||
| GBP/CAD | 1.73832 | 1.73987 | 0.09% | GBP/CAD | 50.91% | 49.09% | |||
| GBP/JPY | 148.818 | 148.973 | 0.10% | GBP/JPY | 43.62% | 56.38% | |||