Sterling strengthened yesterday after positive employment figures were released and is still strong against the euro this morning. The reading showed that the number of people in employment rose by 208,000 to 32.9million in the three months to November, beating expectations. This was the strongest rate in nearly a year. Average earnings also advanced by an annual 3.2% in the three months to November.
This has cast some doubt over whether there will be an interest rate cut at the end of this month, boosting the pound. Unemployment rate came in as expected at 3.8%.
PMI data, released this Friday, will indicate whether there was an economic rebound after the December election. If these figures are positive, then we could see sterling strengthen.
Peers in the House of Lords have approved Boris Johnson’s Brexit bill, but have made five amendments to it. These changes include backing the Dubs amendment, which protects the right of refugee children after Brexit. MPs will vote on these amendments today and are expected to reject them.
