Yesterday afternoon we did see GBP regain some of its recent losses to the USD and EUR. It came after what could be UK’s next Prime Minister, Andy Burnham confirming he won’t try to amend the existing fiscal policies that have been designed to create sustainability of the country’s debt liabilities.
Leading to reassurance for bond markets and GBP moving upwards after what was seen as reduction of political uncertainty.
This morning we did see UK unemployment rise slightly from 4.9% to 5%, which has led to a small fall for GBP. On top of rising unemployment levels, average earnings right now excluding bonuses is not keeping up with rising inflation levels. Earnings came in at 3.4% growth, compared to its previous month of 3.6%.
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