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17 Apr 2014
Solid UK data puts upward pressure on the Pound - UBS
FXStreet (Córdoba) - Following yesterday's UK labor data, the UBS analyst team commented that the slack in the UK economy continues to dissipate, putting upward pressure on the GBP.
Key Quotes
"The UK unemployment rate dropped in February surprisingly from 7.2% to 6.9%. A bit disappointing was the wage growth, which in our view will gain in importance besides inflation".
"Despite rising a bit less than expected, weekly earnings both ex bonuses and including bonuses, have both risen and thereby continued their upward trend".
"Bottom line, the slack in the UK economy continues to dissipate and thereby puts upward pressure on Sterling".
Key Quotes
"The UK unemployment rate dropped in February surprisingly from 7.2% to 6.9%. A bit disappointing was the wage growth, which in our view will gain in importance besides inflation".
"Despite rising a bit less than expected, weekly earnings both ex bonuses and including bonuses, have both risen and thereby continued their upward trend".
"Bottom line, the slack in the UK economy continues to dissipate and thereby puts upward pressure on Sterling".