GBP remains under pressure. Overview for 15.08.2023

The British pound sterling is consolidating against the US dollar on Tuesday. The current GBPUSD exchange rate stands at 1.2690.

Today the UK will release employment market statistics. Statistical data on average earnings in June are of most interest. A month earlier, the indicator increased by 4.0% over the three months ending in May. There is reason to believe that the dynamics have at least persisted.

Earnings data are important as they might provide additional signals about the next move by the Bank of England. Robust statistics will intensify market concerns over further tightening of monetary policy.

In addition, information about the unemployment rate and claimant count change will be published.

These statistics will be followed by Wednesday’s release of inflation data.