UK labour data positive - sterling lower

May 18, 2016

UK labour data showed an unexpected rise in pay, Average household income (excluding bonuses) lifting to a +2.0% y/y rate in the three months to March, up from 1.8% at the last measure. The bonus-included figure remained unchanged at +2.1% y/y. Unemployment for March remained unchanged at the cycle low of 5.1%, while the April claimant count dipped by 2.4k and the claimant rate remained unchanged at 2.1%. The pound very briefly rallied on the data in a knee-jerk reaction to the BoE-watched pay headline, but quickly turned lower.  GBPUSD currently trading at day lows of 1.4410, with the One Hour chart  having broken below some key moving averages and outside the lower Bollinger band.

The Brexit issue continues to dominate the horizon for sterling markets. The latest FT poll of polls has the Remain group on 46% the Leave campaign on 44% and the undecided down to 10%. A little over five weeks to referendum day and the polls continue to be erratic, no wonder GBP keeps finding sellers.

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