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Pound euro exchange rate: GBP firm as UK unemployment hits new 44-year low

February’s UK unemployment hit a new 44-year low of 3.9 percent, dipping from the previous month where the figure stood at 4 per cent. Data revealed that the number of employed people in the UK rose to 32.7 million people between November and February, making this the highest figure since records began. This figure suggests that Brexit anxieties has not hurt the UK labour market. Also buoying Sterling were January’s UK average earnings including bonuses, which rose higher-than-forecast by 3.4 percent. 

Excluding bonuses, wages slipped to 3.4 per cent from the previously revised figure of 3.5 percent.

Wages are currently growing by the highest level in a decade, and real pay is rising by 1.5 percent, the fastest rate since August 2016.

Following this slew of better-than-expected data releases, the pound attempted to claw back some of its recent losses. 

Meanwhile, data from the Eurozone showed that economic sentiment in Germany rose by more than expected.

March’s ZEW economic sentiment showed that the index rose from -13.4 to -3.6, which likely buoyed the single currency. 

Theresa May is due to meet her cabinet later today as she prepares her next steps.

Monday saw the House of Commons Speaker, John Bercow, rule out another vote on Mrs May’s withdrawal agreement unless substantial changes are made to it.

Looking ahead to tomorrow, the euro could slip against the pound following the release of the German Producer Price Index. 

If producer inflation rises by the forecast 0.2 per cent in February compared to the previous monthly rise of 0.4 per cent, sentiment in the single currency could be dampened. 

Sterling, on the other hand, could be further boosted by February’s retail price index, which is forecast to rebound from the contraction in January and rise by 0.7 per cent. 

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