The pound saw more positive gains today hitting highs not seen since May this year. GBP/EUR picked at €1.1673 and the cable rate finished the days trading in the mid to high $1.28’s.
Wage growth in the UK slowed in the previous quarter but analysts and investors seemed to focus on the positive unemployment figures that consisted of the UK’s ninth consecutive month of a fall in jobs being available.
The favourable data published today, coupled with the news the UK had missed going into a technical recession has lessened calls for the BoE (Bank of England) to cut rates at their next meeting and aided the boost for the Pound.
Samuel Tombs, economist at Pantheon Macroeconomics, “The pace of weakening in the labour market remains gradual enough for the Monetary Policy Committee to hold back from cutting bank rate over the coming months,” he said.