GBP/USD: Pound Sterling Remains unchanged near $1.25 as UK Wage Growth Climbs 7.8% – Trading View
UNITED KINGDOM, Sept. 12 – Wages logged a record pace of growth and beat lowering inflation. But the pound didn’t catch on the good news.
The GBP/USD pair was largely unfazed early on Tuesday after the UK published its latest economic report. UK wages, the Office for National Statistics said, rose by 7.8% in July, year-over-year. It was the steepest pace of growth since record-keeping began in 2001.
The British pound sterling didn’t react to the news, except for a few short blips immediately after the report was released. The UK currency stayed muted near $1.25 – a consolidation area that’s been sheltering the exchange rate for the past couple of trading sessions.
Still, it’s good news for the UK economy – average wages are rising faster than stubborn inflation. The data brings a much-needed sigh of relief in a monthslong struggle under the weight of rising consumer prices. In July, inflation in the UK hit 6.8%, down from 7.9% in the month prior.
