Pound climbs to highest since Brexit vote

Pound climbs to highest since Brexit vote

The Office for National Statistics said the unemployment rate unexpectedly fell to 4.2 percent, its lowest since the three months to May 1975. The figures mean that United Kingdom workers are now getting a small real wage rise on average. It has since pulled back from those highs, after lower than expected wage growth figures. Accordingly, this has implications for interest rates as it's inflation that central banks are attempting to manipulate when they tinker with rates.

You can track the value of the pound with Markets Insider.

The pound gained more than 0.2% to $1.437, beating a previous post-Brexit-vote high set in January.

Halpenny suggests Sterling's rise against the Euro is an indication that the currency is now appreciating based on its own merits, rather than the weakness of other currencies.

Several factors have supported this recent resurgence, ranging from an increased market confidence that the United Kingdom and European Union can strike a Brexit deal, to falling confidence in the agenda of US President Donald Trump, which has weakened the dollar.Britain's better than expected economic performance over the last 18 months has also helped the pound over recent months. He could be right.

Dollar weakness after uncertainty about U.S. trade policy has also been a contributory factor, traders said.

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Tuesday's wage data adds fuel to the argument that the Bank of England will likely increase interest rates at the next meeting of its Monetary Policy Committee in the first week of May.

The pound's value could rise even further this week if data out this week paints a rosy picture of the United Kingdom economy.

Inflation, as measured by the consumer price index, was around 2.9%. The next reading is due on Wednesday 18, April. The ILO jobless rate is forecast to remain unchanged at 4.3%. What is clear however, is that a failure to raise rates in May will be bad for Pound Sterling.

However, recent rises in the pound can also be put down to fundamental data as economists anticipate an interest rate hike from the Bank of England (BoE), which has given clear signals that domestic inflationary pressures in the United Kingdom are building.

At 1.1585, Sterling remains 13% lower against the Euro than it was on the morning of the Brexit referendum while the Pound-to-Dollar rate is only 1.1% below the 1.45 level it was at before the result became known.

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