GBP Sterling is likely to enjoy some relief from the political merry-go-round of Brexit this week, with Parliament currently on recess for the Easter break. But the UK currency could be moved by a spout of data releases, which will give an insight into the state of the economy amid ongoing Brexit uncertainty. As of 8.52am UK time this morning, the pound is trading marginally lower at €1.1567 against the euro. Versus the US dollar, Sterling is worth $1.3082 at the same time of writing.
At 10.13am, the pound was trading at €1.1579 and $1.3085.
The latest unemployment and wage figures were published this morning by the Office for National Statistics.
It showed record numbers of people are in work with numbers jumping by 179,000 in the three months to February, to 32.7 million.
Unemployment fell by 27,000 to 1.34 million, continuing a general trend which started in early 2012.
Average earnings increased by 3.5 percent in the year to February, no change on the previous month, but still outpacing inflation.
ONS deputy head of labour market statistics Matt Hughes said: “The jobs market remains robust, with the number of people in work continuing to grow.
“The increase over the past year is all coming from full-timers, both employees and the self-employed.
“Earnings have now been growing ahead of inflation for over a year, but in real terms, wage levels have not yet returned to their pre-downturn peak.”
Other influencers for the pound will be retail figures, set for release on Thursday.
Current forecasts are expecting sales to have dropped in March from February, but show an increase year-on-year.
Inflation data for March is also due out mid-week.
Michael Brown, senior analyst at Caxton FX, said: “Overall, Sterling may find some support if the data paints a relatively resilient picture of the UK economy.”