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After yesterday's massive slump from 1.539 against Dollar to 1.52, Pound was able to recover much ground as hope for done deal between SAB Miller and AB Inbev gave rise to optimism over positive inflow.
ILO unemployment reading to publish around 8:30 GMT today.
- As of now unemployment rate in UK stands at 5.5% and median estimate says it will remain so in today's reading.
- Once again major focus will be on earnings growth, which has gained sharply in last few reports, fuelling rate hike bets on Pound. Average earnings excluding bonus grew by 2.9% for three months to July and 2.9% including it.
- Today market is expecting earnings growth pretty high at 3% excluding bonus and 3.1% including it. Recent economic weakness may weigh on earnings.
Impact -
- Data as expected may not be very bullish for Pound as Bank of England (BOE) said in its last policy statement that current wage growth is not sufficient to rise in inflation.
- However any wage growth below 2.3% likely to sour sentiment.
- Pound is currently trading at 1.53 against Dollar. Likely to weaken further. Key resistance at 1.532 and yesterday's high around 1.539.
