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GBP: UK labour report offered mixed signals – TDS

FXStreet (Delhi) – Paul Fage, Senior Emerging Markets Strategist at TD Securities, notes that the UK turned in a mixed set of employment data with the ILO's 3MMA unemployment rate ticked lower to 5.4%, as we expected, falling below the consensus forecast for an unchanged reading.

Key Quotes

“Wage growth was particularly weak, however. This slowed to a 2.8% pace on an ex-bonus basis, against expectations for a rise to 3.0%. In our view, the wage data may have a particular resonance with the BoE as policymakers there appear to be growing more sensitive to wages - and their potential impact on inflation. Accordingly, this fits very much with the recent pattern of deceleration in UK macro data that is likely to keep the MPC sidelined until May of next year, as we expect.”

Abe orders reduced tax rates before the planned 2017 tax hike

As reported by the Japan Times, Japan’s Prime Minister Shinzo Abe has ordered the ruling party’s new tax panel chief to introduce special reduced tax rates for certain products such as foods and beverages in time for the planned April 2017 consumption tax hike.
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USD/JPY: keeps range around 119.50, US retail sales eyed

The US dollar consolidates to the downside versus the Japanese currency in the last hours, keeping USD/JPY in familiar range around 119.50 levels.
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