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Forex News: Pound Climbs As U.K. Wage Growth Beats Forecasts

Pound Climbs As U.K. Wage Growth Beats Forecasts

01/17/2023 - 05:56:00 (RTTNews)

(RTTNews) - The pound advanced against its major counterparts in the European session on Tuesday, as investors cheered U.K. employment data showing a faster than expected wage growth in November.

Data from the Office for National Statistics showed that the UK unemployment rate remained unchanged in three months to November but wage pressures intensified.

The ILO jobless rate held steady at 3.7 percent in three months to November, as expected.

Average earnings including bonuses grew 6.4 percent annually in three months to November, faster than economists' forecast of 6.2 percent.

Earnings excluding bonuses also increased 6.4 percent, the fastest since records began in 2001, excluding the height of the coronavirus pandemic. Economists had forecast an increase of 6.3 percent.

The data supported expectations that the Bank of England will raise its key rate by 50 basis points in February.

The pound appreciated against the yen, hitting a 4-day high of 157.38. The pound is likely to locate resistance around the 161.00 level.

The pound rebounded to 1.1299 against the franc, from a 6-day low of 1.1265 hit at 1:45 am ET. The pound may target resistance around the 1.14 level.

The pound rose to 1.2230 against the greenback, from a 4-day low of 1.2169 it logged at 1:55 am ET. On the upside, 1.24 is possibly seen as its next resistance level.

The pound edged up to 0.8850 against the euro, from a 4-day low of 0.8887 seen at 1:45 am ET. If the pound rallies again, 0.86 is seen as its next resistance level.

Looking ahead, Canada housing starts data for December is set for release at 8:15 am ET.

Canada CPI for December and New York Fed's empire manufacturing survey for January will be released in the New York session.

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