Commenting on Tuesday’s UK labor market statistics, UK Chancellor of Finance Jeremy Hunt said that “we must not do anything that risks permanently embedding high prices into our economy, which will only prolong the pain for everyone“.
GBP/USD pair climbs back above 1.2200, supported by the Pickup in UK wage earnings growthwhich raised the probability of a 50 basis point (bp) Bank of England (BoE) rate hike to 74%. Average hourly earnings in the UK rose to 6.4% in Novembercompared to the 6.3% expected.
Attention now turns to Wednesday’s UK CPI Consumer Price Index data for further clues on the Bank of England’s policy path for 2023.
Source: Fx Street
I am Joshua Winder, a senior-level journalist and editor at World Stock Market. I specialize in covering news related to the stock market and economic trends. With more than 8 years of experience in this field, I have become an expert in financial reporting.
