Pound Advances Amid Better-than-expected U.K. Wage Growth
(RTTNews) - The British pound appreciated against other major currencies in the early European session on Tuesday, as the nation's wage growth beat expectations in the three months to February, raising hopes for a 25 basis point hike from the Bank of England next month.
Data from the Office for National Statistics showed that average earnings, excluding bonuses, increased 6.6 percent annually, the same rate as seen in the previous three months.
Economists had expected earnings to rise by 6.2 percent.
Average earnings, including bonuses, held at 5.9 percent in the three months to February, exceeding expectations for an increase of 5.1 percent.
The unemployment rate grew 3.8 percent in the three months to February, up from 3.7 percent in the previous three months.
The pound edged up to 1.2405 against the dollar, from an early low of 1.2366. On the upside, 1.25 is possibly seen as its next resistance level.
The pound rose to 166.97 against the yen, its highest level since December 20, 2022. If the pound rises further, 168.00 is possibly seen as its next resistance level.
The pound advanced to a 4-day high of 0.8816 against the euro and a 5-day high of 1.1158 against the franc, off its early lows of 0.8833 and 1.1094, respectively. The currency is seen facing resistance around 0.86 against the euro and 1.14 against the franc.
Looking ahead, Eurozone ZEW economic sentiment index for April is slated for release at 5:00 am ET.
Canada CPI data for March, U.S. housing starts and building permits data for March are due to be released in the New York session.
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