Spreadex Market Update
FTSE and pound both look tired ahead of UK jobs report
Stepping into the spotlight, then, is the claimant count change reading. As the one pure post-Brexit figure, charting the change in the number of people claiming unemployment benefits and normally is given less attention than the other jobs report data, may get a rare moment in the sun. Analysts are expecting a 5.2k jump across July compared to the 0.4k rise over June, though it must be said that whatever number actually arrives this Wednesday could look very different come next month given the extent to which it is normally revised up or down.
The unemployment rate and wage growth figures will still be of interest this morning, even if the fact that they both cover the 3 months to the end of June does somewhat reduce their relevance. The former is forecast to remain unchanged at 4.9%, though some analysts have argued it could climb back to 5.0%, while the latter is expected to creep to 2.5% from 2.3% last month.
In anticipation of all this the FTSE doesn’t look too enthused, dipping just under 6900 with a 0.1% fall. The pound, meanwhile, is gradually being chipped away at once again, sterling sliding 0.2% and 0.1% against the dollar and euro respectively; it has, however, managed to keep its head above the 1.30 and 1.15 marks it climb back beyond during yesterday’s post-inflation trading.
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