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Sterling Weaker Before U.K. Labor Market Survey -- Market Talk

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08/16/2017 | 08:13am CEST

0758 GMT - Sterling trades weaker before the U.K. labor market survey due 0830 GMT and ING says that "those looking to wage growth as evidence for rising underlying price pressures are unlikely to find much support." GBP/USD is down 0.1% at $1.2860 and EUR/GBP is up 0.2% at 0.9140. ING expects "GBP to remain on the back foot" on Wednesday and trade around these levels. Earnings excluding bonuses are expected to have risen by 2% in the three months to July and the unemployment rate should be unchanged at 4.5%, according to a WSJ poll. ING expects earnings to follow a similar path throughout the rest of the year and questions whether the Bank of England's 3% target in 2018 is achievable. ([email protected])

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