Sterling eyes employment data

Sterling has depreciated against the major peers and now market shifts their attention on UK job data figures due Wednesday. The labour data are likely to show further growth in employment. According to the Societe Generale, claimant count data is expected to rise by 5k in December after an increase of 3.9k in November and unemployment rate to remain unchanged at 5.2%.

Along with the employment data, earning figures are also due to release. It's a leading indicator of consumer inflation - when businesses pay more for labour, the higher costs are usually passed on to the consumer. 

According to the Societe General, the rate of regular earnings growth has fallen from 2.9% 3mth yoy in July to only 2.0% in October. It is set to fall further to 1.8% in latest release due tomorrow. Total earnings growth has fallen from 3.0% in August and September to 2.4% in October and expected to decrease to 2.1% in November.