Macro Release: GBP/USD

GBP/USD: UK Average Earnings Index

The British Pound traded sideways against the US Dollar, following the UK Average Earnings Index data release on Tuesday at 8:30 GMT. The GBP/USD exchange currency rate lost 4 pips or 0.03% right after the release. The British Pound continued trading at the 1.3090 level against the US Dollar.

Office for National Statistics released the UK Average Earnings Index data that came out as expected of 3.5%. Note, that the UK Unemployment Rate was released at the same time.

Despite Brexit uncertainty, the British labour market is strong. The UK Unemployment Rate has reached its lowest level since 1975. Wage growth remains at the 10-year maximum, and real wage growth has reached the two-year high. Also, wage growth continues to rise faster than the UK inflation rate.

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