Forex Flash:Sterling outperforming as the UK employment numbers improve - BBH

FXstreet.com (Barcelona) - Brown Brothers Harriman analysts note that GBP has outperformed this afternoon as UK employment numbers reported a somewhat better than expected employment report.

They write, “The unemployment rolls fell by 7.3k, roughly twice what the market expected, and the unemployment rate slipped to 4.5% from 4.6% in April. However, this was accomplished with what appears to be cheaper wages. Average earnings, reported with an additional month lag, rose 0.4% in March on a 3-month year-over-year basis, which is the way it is reported. This is nearly half that pace that was expected and follows a 1.0% rise in February.”