Latest data released by ONS - 14 May 2019

  • Prior +3.5%
  • Average weekly earnings (ex bonus) +3.3% vs +3.3% 3m/y expected
  • Prior +3.4%
  • ILO unemployment rate 3.8% vs 3.9% expected
  • Prior 3.9%
  • Employment change 99k vs 140k expected
  • Prior 179k
  • April jobless claims change 24.7k
  • Prior 28.3k
  • April claimant count rate 3.0%
  • Prior 3.0%

Slightly weaker wage numbers as compared to February but they're still relatively decent when you consider where wage pressures were last year. The slight dip in the unemployment rate is some welcome news but the overall data here doesn't really offer us much of anything new. Labour market conditions are decent and are still supportive of the BOE hiking rates but the central bank has its hands tied because of Brexit uncertainty.

Cable isn't really moving all too much, just a slight dip from 1.2940 to 1.2935. EUR/GBP sits near the highs for the day still at 0.8689.