Pound surges to one-month peak after strong U.K. data

Pound surges to one-month peak after strong U.K. data

17 June 2015, 11:57
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On Wednesday the pound surged to one-month highs against the dollar after the release of positive U.K. data which boosted the outlook for the economic recovery.

Cable was higher 0.54% to 1.5731, the most since May 18 from around 1.5662 ahead of the data.

The Office for National Statistics said average weekly earnings, including bonuses, rose by 2.7% on a year-over-year basis in the three months to April, up from an annualized 2.3% in the previous three month period.

The number of people out of work between February and April fell by 43,000 to 1.81 million.

The total number of employed people is 31.05 million people, which is 114,000 more compared with the previous three month period, says BBC News.

Employment Minister Priti Patel said: "Today's figures confirm that our long-term economic plan is already starting to deliver a better, more prosperous future for the whole of the country, with wages rising, more people finding jobs and more women in work than ever before."

Sterling was also higher against the euro, with EUR/GBP down to 0.7165 from 0.7202 earlier.

British Chancellor George Osborne confirmed on Wednesday that the British authorities have started contingency planning to get ready for the “serious economic risks” posed by a Greek default and a possible exit from the euro area.

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