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UK: Unemployment unchanged at multi-decade low of 3.9% - TDS

Analysts at TD Securities note that the US jobs report came in essentially as expected for the three months ending in February, with the unemployment rate remaining unchanged at its multi-decade low of 3.9%.

Key Quotes

“Wage growth remained strong, with headline wage growth unchanged at 3.5% 3m/y. Notably, the private sector regular pay measure favoured by the MPC showed further gains to 3.6% 3m/y, a post-crisis high.”

“The labour market continues to point to a very tight balance between demand and supply, and as we discussed in our UK macro update yesterday, poses challenges to the BoE as it tries to weigh the impact of uncertainty on the economy.”

ECB said not to have discusses further deposit rate cuts

Citing sources familiar with talks, Bloomberg reported that the ECB had not discussed further rate hikes in its latest meeting. Earlier in the day, Re
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EUR/GBP upside failed again near 0.8650

EUR/GBP has once again failed to extend the upside momentum beyond 0.8650 today, returning instead to the 0.8630 region, up modestly for the day. EUR/
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