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Sterling firms after UK wage growth beats expectations
April 12, 2017 / 8:54 AM / 9 months ago

Sterling firms after UK wage growth beats expectations

LONDON, April 12 (Reuters) - Sterling hit its highest level in over a week against the dollar and a 12-day high versus the euro on Wednesday, after data on British wage growth beat expectations.

Workers’ total earnings including bonuses rose by an annual 2.3 percent in the three months to February, unchanged from the previous period, but above economists’ expectations of 2.2 percent.

The unemployment rate held steady at an almost 12-year low of 4.7 percent, in line with forecasts.

Sterling, which was trading at $1.2500 ahead of the data, rose 20 ticks to hit its highest level in nine days against the dollar at $1.2520. It was up 0.2 percent on the day.

It reversed early losses to turn higher against the euro, and hit a 12-day high of 84.80 pence per euro.

British government bond futures briefly dipped after the data while stock markets were little changed. (Reporting by Ritvik Carvalho and David Milliken; Editing by John Geddie)

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