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GBP is doing good. Overview for 18.01.2023

18 january 2023 - Fx4News

The British Pound against the US dollar on Wednesday is ready to keep growing. The current quote is 1.2286

So, Britain presented the first block of interesting macro statistics.

The unemployment rate in November did not change, remaining at 3.7%. The number of unemployment claims in December increased to 19.7 thousand from 16.1 thousand. Average wage in September-November was also a nice surprise, growing by 6.4% after increasing by 6.2% more previously.

Growing wages are a strong trigger. The pound this week has already grown vigorously regardless of general market risks. Confidence in the wage sector has for now been passing all the tests given by the tightening monetary policy of the Bank of England. Growth of wages is likely to continue, because the market might be lacking workforce. And this factor is able to stimulate inflation and send prices to a new step of growth.

The CPI in December has dropped to 10.5% y/y from 10.7% earlier. Month-by-month, inflation has grown by 0.4% as forecast. Base inflation remained at 6.3% y/y, growing by 0.5% m/m simultaneously. Hence inflation seems to be slowing down, though non-homogeneously.

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