The Office for National Statistics released UK Average Earnings Index data that came out better-than-expected of 2.7% compared with forecasted 2.6%.
"Wages keep on going from strength to strength, as competition for workers is finally feeding through to pay. The Bank of England will be keeping a watchful eye on any upwards pressure this puts on inflation, but it should also help support the consumer and their ability to handle higher interest rates should bank need to increase interest rates," said Philip Smeaton, chief investment officer at Sanlam UK.
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| Historical Data Table: Average Earnings Index 3m/y | Economic Calendar for 16.10.2018 | ||||||||
| Date | 17.04.2018 | 17.07.2018 | 14.08.2018 | 11.09.2018 | 16.10.2018 | 12:30 PM | CAD Foreign Securities Purchases | ||
| Actual | 2.80% | 2.50% | 2.40% | 2.60% | 2.70% | 13:15 PM | GBP MPC Member Cunliffe Speaks | ||
| Forecast | 3.00% | 2.50% | 2.50% | 2.40% | 2.60% | 20:15 PM | US FOMC Member Daly Speaks | ||
| Initial Reaction on Main Pairs | SWFX Sentiment Indexes | ||||||||
| Open Price | Close Price | % Change | Longs | Shorts | |||||
| GBP/USD | 1.31907 | 1.32025 | 0.09% | GBP/USD | 50.19% | 49.81% | |||
| EUR/GBP | 0.87848 | 0.87783 | -0.07% | EUR/GBP | 74.50% | 25.50% | |||
| GBP/CAD | 1.71222 | 1.71367 | 0.08% | GBP/CAD | 62.81% | 37.19% | |||
| GBP/JPY | 147.935 | 148.063 | 0.09% | GBP/JPY | 46.69% | 53.31% | |||