UK labour data remains strong

GBP Average Earnings Index 3m/y: 2.3%
GBP Claimant Count Change: 2.4K
GBP Unemployment Rate: 4.9%
AUD RBA Assist Gov Debelle Speaks
USD Crude Oil Inventories: -0.6M
NZD GDP q/q: 0.9%
AUD Employment Change: -3.9K
AUD Unemployment Rate: 5.6%

UK labour data dominated yesterday’s markets as Average Earnings, Claimant Count Change and the unemployment rate were all released. The UK’s labour market continued to show resilience after the shock Brexit result, with unemployment remaining sticky at an 11-month low of 4.9%. These average readings suggest that the UK’s economy may survive the Brexit relatively undamaged. Average Earnings posted a better than expected 2.3%, whilst the Claimant Count figure registered at 2.4k.

In other news, Republican presidential nominee, Donald Trump has opened a five-point lead over rival Hilary Clinton in the state of Ohio. Hilary Clinton has come under pressure over comments about Trump’s supporters and concerns about her health after she took a stumble and appeared to faint at a 9/11 memorial service.

GBP Retail Sales m/m
EUR Final CPI y/y
GBP MPC Official Bank Rate Votes
GBP Monetary Policy Summary
GBP Official Bank Rate
GBP Asset Purchase Facility
GBP MPC Asset Purchase Facility Votes
USD Core Retail Sales m/m
USD PPI m/m
USD Philly Fed Manufacturing Index
USD Retail Sales m/m
USD Unemployment Claims
USD Core PPI m/m
USD Current Account
USD Empire State Manufacturing Index
USD Capacity Utilization Rate
USD Industrial Production m/m

Today will be a busy day of data, starting with Australian employment figures. We can expect the release of UK Retail Sales, Eurozone CPI and the Bank of England interest rate decision. We expect little action from the BoE, however there have been indications that the BoE is prepared to cut again. Despite this, recent positive data from the UK means that any further cut is highly unlikely at this meeting.