GBP/USD churns ahead of UK wages and labor figures
GBP/USD churned chart paper just north of 1.3000 on Monday, with markets striking a laid-back tone ahead of key UK data due to release in the first half of the trading week. UK wages and jobs additions are slated for early Tuesday, with UK Consumer Price Index (CPI) and Producer Price Index (PPI) inflation in the barrel for Wednesday. US Retail Sales figures will round out the middle of the week on Thursday, followed by UK Retail Sales slated for Friday’s London market session.
Markets are looking for a continued easing in UK labor figures for the quarter ended in August. Median market forecasts expect a headline print of Average Earnings Excluding Bonus to tick back to 4.9% for the annualized quarter ended in August, down from the previous 5.1%. The UK’s Claimant Count Change is expected to ease down to 20.2K in September from August’s 23.7K, while the UK’s ILO Unemployment Rate is expected to hold steady at 4.1% for the three month period ended in August. Read more...
GBP/USD Price Forecast: Falls and consolidates at around 1.3050
The Pound Sterling begins the week on the back foot amid a scarce economic docket on Monday, which will gather traction on Tuesday with the UK’s employment report. At the time of writing, the GBP/USD trades at 1.3046 and loses 0.09% amid thin trading conditions.
The GBP/USD consolidates for the third straight day within the 1.3010-1.3095 area, unable to crack the top/bottom of the range, capped on the upside by the 50-day moving average (DMA) at 1.3104, and on the downside by the 1.3000 figure. Read more...
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