The pound responded positively to cooling inflation data on both sides of the Atlantic and is now up by almost 2 cents against the US dollar.
The pace of UK wage increases eased slightly in the three months to September as hiring slowed, the ONS reported. Excluding bonuses, average annual growth in regular earnings was 7.7% in Q3, down from a peak of 7.9% two months prior. Annual growth in total pay has also slipped back from record highs of 8.5% in July to 7.9%.
The figures proceeded this morning’s news that inflation had cooled by more than expected. UK inflation is now running at 4.6% year-or-year, well below last month’s 6.7%.
GBP/EUR: the past year
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