GDP-
As anticipated, the latest raft of UK jobs figures were weak, even weaker than expected, worsening tax receipts for the Government ahead of the budget on the 26th. Moreover, with wage growth in the private sector also falling from 4.4% to 4.3%.
Both of these data points are important as they satisfy entirely Bailey's need to see more labour market weakening to justify cutting in December, as he laid out last week. A pause in inflation would then aid further, although we have to wait until next week for those figures.
The Pound has responded as you would expect, down around -0.1% against the Dollar (mostly as USD weakens also in response to rising chances of the Government opening) and a more severe -0.25% against EUR.
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Major Economic Releases (All times in GMT)
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