The UK unemployment rate edged higher to 3.6% in this morning’s data release. Markets were expecting a fall in unemployment numbers and an increase in wage growth. This followed unemployment falling to 3.5% in the three months leading up to August 2022.
Meanwhile, data for the number of people claiming for unemployment benefits in the UK was also released this morning. The claimant count rose by 3.3 thousand, following its second consecutive monthly rise in September.
During yesterday’s speech at the 25th Frankfurt euro finance week, ECB Vice-President, Luis de Guindos warned that “euro area growth outlook has deteriorated significantly.” He added that Russia’s invasion of Ukraine plus “the ensuing global energy crisis” has contributed to “already high inflationary pressures, which continued to rise throughout 2022”.
This morning in the eurozone, France and Span’s inflation data was published, and at 10am eurozone GDP data will be released.
The big data release from the US today will be PPI for October, which is scheduled to be published at 1:30pm UK time. In September, the producer price index for final demand increased 0.4% month-over-month, and was the first gain in three months. Today, markets are expecting that number to edge down gently to 0.3%.
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