The $GBPUSD pair found some support at its lowest level since May 2020 after the strong UK employment numbers.
Recent economic data from the UK is sending a mixed picture of the economy. For example, recently, data showed that the country’s retail sales declined for the fourth straight month. Another metric revealed that the country’s economy barely grew in March.
The sharp decline of the unemployment rate coincided with an increase in wages in the country. Wage growth that excludes bonus increased from 4.1% to 4.2%. With bonuses included, the country’s inflation rose from 5.6% to 7.0%. The same trend is expected to be seen in the producer sector. They expect that the PPI input and output rose by 19% and 12.5%, respectively. These numbers will come two days after the BOE governor warned that inflation will continue rising even as it continues hiking interest rates.
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