13-05-2025
- Business
- Wall Street Journal
Sterling Overlooks U.K. Labor Report Due to Data Quality Issues
0857 GMT – Data quality issues surrounding the official U.K. labor market report means sterling traders largely overlooked Tuesday's data release, Monex Europe analysts say in a note. As with other G-10 currencies, U.S. inflation data at 1230 GMT are the main event for sterling, they say. This poses 'further downside risks to the pound against the dollar.' Speeches from Bank of England chief economist Huw Pill at 0945 GMT and BOE Governor Andrew Bailey at 1600 GMT will also garner attention. Sterling rises 0.3% to $1.3210. The euro falls 0.1% to 0.8412 pounds. The U.K. unemployment rate rose to 4.5% and wage growth excluding bonuses eased to 5.6% in the three months to March, official data showed. (
0854 GMT – The dollar could receive some support if data later show U.S. core inflation remained sticky in April, ING analyst Chris Turner says in a note. That would 'feed into the narrative that the Federal Reserve is in no hurry to cut interest rates.' This month markets have scaled back rate-cut bets and pushed back expectations for the next cut until September, he says. Economists in a WSJ survey expect the data at 1230 GMT to show core inflation rose to 0.3% month-on-month in April compared to 0.1% in March. The DXY dollar index falls 0.2% to 101.541, having reached a one-month high of 101.977 on Monday after the U.S. and China agreed to a 90-day reprieve in tariffs. (
