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Hooray for the U.K. – Pound rises amid strong employment and wages data

by | 24 Jan, 2018

The number of people in work in Britain surged and a measure of wage growth jumped to a 1-year high according to new data from the Office for National Statistics.

Employment increased by 102,000 for the final fiscal quarter of last year, easily beating forecasts that it would fall by 13,000. Meanwhile average wages (excluding bonuses) rose by 2.4 per cent.

The Pound went up against both the Euro and Dollar today off the back of the news, improving gains it had made yesterday which pushed it to go to $1.40 against the Dollar for the first time since the Brexit vote in 2016.

The bounce-back in the value of the Pound and stronger economic data will increase the odds the Bank of England will hike interest rates again this year.

Related: Interserve on watch by U.K. government after Carillion collapse – shares fall

Nordstrom Kohl's Target Macys

The Pound climbs strongest against the Dollar but also makes headway against the more robust single currency

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ALL RIGHTS RESERVED © INVSTR LTD. 2018

Risk Disclosure:
Invstr is a technology platform, not a registered broker-dealer or investment adviser. Invstr does not offer its own recommendations of any security or provide its own research to any user regarding any security transaction or order.
Please note, investing involves risk and investments may lose value. Past performance does not guarantee future results.
Brokerage services are provided by the following:
US-traded securities, including fractional trading, are provided to Invstr users by DriveWealth LLC, a regulated member of FINRA/SIPC. DriveWealth may not establish investment accounts to residents of certain jurisdictions. For more information, including disclaimers, risk and transaction fees click here.
India account traded securities are provided by SIC Stocks & Services PVT Ltd. SIC does not make any personal recommendations to buy, sell or otherwise deal in investments. Investors make their own investment decisions. The services and securities provided by SIC may not be suitable for all customers and, if you have any doubts, you should seek advice from an independent financial adviser. For more information and disclaimers, click here.

 

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