Sterling drifts lower as UK adds record number of jobs | Malay Mail

Sterling drifts lower as UK adds record number of jobs | Malay Mail

Pound Sterling

18/1/2022 2:03:00 PM

Sterling drifts lower as UK adds record number of jobs | Malay Mail

LONDON, Jan 18 — Sterling traded lower against the dollar today after data showed British employers added a record number of staff in December, another sign the economy’s rebound could potentially fuel further inflation. The 184,000 employees added to British payrolls may vindicate traders who...

channel for the latest updates.LONDON, Jan 18 — Sterling traded lower against the dollar today after data showed British employers added a record number of staff in December, another sign the economy’s rebound could potentially fuel further inflation.

The 184,000 employees added to British payrolls may vindicate traders who priced in another Bank of England interest rate hike in February but the fact that pay had its weakest performance since July 2020 might also reassure dovish policy makers.GDP data on Friday showed the economy is bigger than what it was before the first Covid-19 lockdown and the unemployment rate for the three months to the end of November fell to 4.1 per cent.

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Telegram channel for the latest updates. LONDON, Jan 18 — Sterling traded lower against the dollar today after data showed British employers added a record number of staff in December, another sign the economy’s rebound could potentially fuel further inflation. The 184,000 employees added to British payrolls may vindicate traders who priced in another Bank of England interest rate hike in February but the fact that pay had its weakest performance since July 2020 might also reassure dovish policy makers. GDP data on Friday showed the economy is bigger than what it was before the first Covid-19 lockdown and the unemployment rate for the three months to the end of November fell to 4.1 per cent. Boosted by the BoE being in December the world’s first major central bank to raise interest rates since the coronavirus pandemic, the pound rallied over 4 per cent from its December lows but has lost ground in the last three sessions. “Expectations have already run quite far,” wrote Commerzbank analyst You-Na Park-Heger, adding that investors would be eagerly waiting for monetary policy clues when BoE governor Andrew Bailey speaks to the Treasury Select Committee on Wednesday. An accusation that British prime minister Boris Johnson lied to parliament about a lockdown party by former senior adviser Dominic Cummings had seemingly little impact on the pound. It remains unclear at this stage whether Johnson will be able to save his premiership from the so-called “partygate” scandal but investors don’t believe the fate of the Prime Minister is a game changer for the currency. “The political developments surrounding Prime Minister Boris Johnson seem to be merely an aside for the FX market by the way, and that is likely to remain the case for now,” Park-Heger said. Against the US dollar, the pound lost 0.15 per cent higher at US$1.3622 (RM5.70). It hit a late-October high of US$1.3749 last week. The pound’s weakness against the greenback in morning trading comes as a jump in US Treasury yields pushed the dollar index to a six-day high. Sterling was down 0.07 per cent against the euro at 83.62 cents. — Reuters You May Also Like