Monday, 10 December, 2018

The pound is at its highest level since the Brexit vote

Theresa May has ordered military action in Syria as part of a co-ordinated attack GETTYTheresa May has ordered military action in Syria as part of a co-ordinated attack
Laurie Berry | 17 April, 2018, 16:54

Central banks in many rich nations have been puzzled by the failure of wages to rise more quickly as unemployment falls, something they link to factors ranging from increased use of technology by firms to growth in the number of insecure jobs.

After rising as high as $1.4377, the pound had fallen 0.1 percent to $1.4332 at 0900 GMT, just below a previous post-Brexit-vote high set in January.

Office for National Statistics data showed United Kingdom wage packets rose by 2.8% during the three months to the end of February, which is unchanged from the rate of growth seen in the quarter to the end of January. The figures mean that United Kingdom workers are now getting a small real wage rise on average.

You can track the value of the pound with Markets Insider. Markets expect rates to be raised by 25 basis points next month. An ONS spokesman said bonus payments in February were lower than a year earlier but it was too soon to draw conclusions about the bonus season as a whole.

THE POUND has risen to the highest level against the dollar since the Brexit vote - in a huge vote of confidence for Britain as we enter trade talks within weeks.

Conte: Players must have great respect for the badge
Southampton's hopes of surviving relegation from the Premier League took a hammer blow on Saturday afternoon. They have to play for the club, for our fans, and to show great character like they did in this game.

Dollar weakness after uncertainty about U.S. trade policy has also been a contributory factor, traders said.

Halpenny suggests Sterling's rise against the Euro is an indication that the currency is now appreciating based on its own merits, rather than the weakness of other currencies.

Forecaster are split on whether or not the Bank of England will raise rates from 0.5% to 0.75% in May, but the latest positive economic data, something the bank has stressed it is looking for before rate hikes, seems to make that increase more likely. That's higher than the rate of inflation, which was 2.7% at the most recent reading.

It is not yet clear whether the steeper than expected fall in consumer prices will be enough to encourag the BoE to "wait and see" for a few more months before raising rates again, or if it will be minded to go ahead out of concern over the faster pace of wage growth.

By 11:10 a.m. BST (6:10 a.m. ET), sterling was marginally lower against the dollar at $1.4313.

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