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Sterling retreats from 1-year high after UK wage growth miss
September 13, 2017 / 8:48 AM / 11 days ago

Sterling retreats from 1-year high after UK wage growth miss

LONDON, Sept 13 (Reuters) - Sterling fell back from a one-year high to trade flat against the dollar on Wednesday, after wage growth data in Britain came in weaker than expected.

Wages in the three months to July were 2.1 percent higher than a year earlier, little changed from previous months’ growth rates. Economists polled by Reuters had on average forecast a rise of 2.3 percent.

The undershoot took the pound down from $1.3299 before the data to trade flat at $1.3283. It had earlier touched a one-year high of $1.3329.

It also hit the day’s low of 90.29 pence per euro, down 0.2 percent on the day.

The labour market data will ease pressure on the Bank of England - which meets on Thursday - to raise interest rates from their record lows.

British government bond futures rose 16 ticks to as high as 126.45 after the data. Ten-year bond yields fell a basis point to 1.12 percent, down 1.8 bps on the day. (Reporting by Ritvik Carvalho; additional reporting by Nigel Stephenson; Editing by Jemima Kelly)

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