020 7898 0500Sterling gained ground against both the euro and the US dollar yesterday as UK employment related data supported it. Average earnings growth for October was below expectations at 3.0% but still very positive and the unemployment rate fell to 5.4%, a seven year low.
After falling to the lowest level since May versus the US dollar last Friday, sterling has recovered well and regained nearly two cents. It is also close to multi-month and multi-year highs against the euro as belief grows that the European Central Bank (ECB) will look to expand their quantitative easing program before the end of the year..
Little data of note is set to be released from the UK today, with focus instead shifting to what the ECB President and the Federal Reserve Chairperson will detail in their speech’s today.
