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All Good in the UK

All Good in the UK

Today sees the economic calendar continue to churn out some interesting data as markets continue to move a fair bit.

This morning we have employment figures out of the UK as the headline economic event. We are expecting growth beyond the current record and a slight fall in unemployment. Consensus forecasts are pointing to a 30k decline, which would be in line with the 12 month average, meaning the markets may not react too outlandishly.

We are also expecting wage growth to outperform inflation for the 1st time in 6 years, so further good news for the UK economy and the Pound! The restructuring of the MPC in the UK also continues at pace with Ben Broadbent becoming the Deputy Governor of the Bank of England, and a further 8 senior roles still to be filled.

The Euro and the US Dollar are both pretty much focused on the continuing Ukrainian Crisis. Whilst the US wants to impose new economic sanctions on Russia, the Eurozone is reticent to do so as it would impact further on its struggling economy. The US are aware that hurting Russia’s economy is the only realistic weapon it has against Putin but without Europe on board it would become more or less futile.

Attention later on in the day turns to Janet Yellen, who is scheduled to address the Economic Club of New York and the Federal Reserve’s Beige Book – The Beige Book gives an insight into policy makers’ views on the health of the US economy. Yellen is expected to be a bit more reserved than the last time she did a Q&A session and probably won’t be indicating that interest rates will be rising sooner rather than later.

Image: © Rob Wiltshire / freedigitalphotos.net

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