GBPUSD is consolidating on Wednesday and waiting for a new round of statistics.
The British Pound is consolidating against the USD in the middle of the week. The current quote for the instrument is 1.2840.
The statistics published yesterday showed that the Unemployment Rate dropped down to 3.8% in September after being 3.9% the month before. The Average Earnings Index added 3.6% 3m/y against +3.7% 3m/y in the previous period. The Claimant Count Change was 33K in October after being 13.5K the month before.
So, what can be seen in these numbers? First of all, the obvious weakness of the employment market in the third quarter. Still, it can be explained by the low activity of companies in recruiting staff in anticipation of general elections. The average salary improved slower than market expectations and the pace it did before, but it’s not critical: political turmoil in the United Kingdom and the Brexit drama have their effect.
Demand for labor force is slowly reducing, but it’s not stressful. However, the situation may get even worse in the nearest future, because employers are changing forecast relating to recruiting. And speaking of the Brexit extension until January 31st, 2020, the current situation may last up to then.
Later today, the United Kingdom will report on prices and these numbers are also expected to be quite interesting.