On Friday, a report revealed that the unemployment rate in the UK nudged lower amid a firm pace of growth in the nation’s labour market. However, the print failed to keep the Pound buoyed against its key peers. With a quiet start this week in terms of economic releases, the focus among Sterling investors is likely to be on the minutes of the BoE’s latest policy meeting scheduled for release this Wednesday.Across the Atlantic, a print on Friday showed that core consumer prices for March rose in line with expectations. Separately, in a speech over the weekend, the ECB Chief, Mario Draghi, warned that a “Grexit” might push the Euro zone’s economy into “uncharted waters” and urged Greece to quickly reach an agreement with its creditors.
The just out labour market report in the UK has revealed that hiring pace in the nation remained robust and domestic wages continued to grow at a firm rate for the three months ended February, thereby offering evidence that spare capacity in Britain’s jobs market continued to fall, despite stalled consumer prices in the UK.Across the Atlantic, investors will keep a tab on today’s inflation data in the US which is expected to show that growth in consumer prices, excluding food and energy, remained unchanged for March. Additionally, the preliminary Reuters/Michigan consumer sentiment survey will be noted today to gain an insight into the health of domestic spending for April.
The RICS survey released overnight revealed that activity in Britain’s housing market improved more than expected for March. With little on the domestic macroeconomic front today, focus among market participants is likely to stay on tomorrow’s labour market data in the UK, to gauge if domestic wages continued to grow at a robust pace, despite muted inflation in the nation.Following yesterday’s monetary policy meeting the ECB Chief, Mario Draghi, expressed confidence in the central bank’s stimulus programme and stated that he sees no signs of a bubble in the bond markets. Across the Atlantic, the weekly jobless claims survey along with speeches by key US Fed officials is likely to keep investors interested in the latter half of today’s trading session.