© 1982-2022 MNI. All rights reserved.
Terms | Privacy
Log Out
Free Trial
BONDS

EGB/Gilt - Recession fears take hold

SOY TECHS

(X2) Range Base Cleared

OIL

Lower Urals Exports Expected in July

CZECHIA

EURCZK: On Its Way To 200DMA Resistance?

Real-time Actionable Insight

Get the latest on Central Bank Policy and FX & FI Markets to help inform both your strategic and tactical decision-making.

Free Access
Trending Top 5
Topics

Labour market data due at 7:00BST

UK DATA
BulletMarketsFixed IncomeForeign Exchange
  • Note that there will be one further release of labour market data next month ahead of the June MPC decision (it will be released on the Tuesday of the decision week).
  • Employment is forecast to rise by just 4,000 in the January-to-March period according to the Bloomberg consensus, after a 10,000 gain the in the three months to February. Payroll employment is forecast to rise by 51,000 in April, after a 35,000 increase in March, the smallest addition since February 2021.
  • However, the jobless rate is seen remaining at 3.8%, matching the lowest level since the fourth quarter of 2019, with the employment rate remaining well below pre-pandemic levels. In the BOE’s post-MPC press conference, Governor Andrew Bailey stressed the strength of the UK labour market as grounds for underlying confidence despite the cost-of-living crisis.
  • Earnings growth likely steadied in the first quarter, matching the 5.4% annual gain recorded in the three months to February. But with CPIH averaging 5.5% over the opening three months of the year, total earnings likely fell into the red.
  • During the Treasury Select Committee testimony yesterday, we did see STIR markets price in a slightly more aggressive pace of tightening this year. And Governor Bailey highlighted that the tightness of the labour market had taken the BOE by surprise. We expect the market to remain focused on the HMRC real-time payroll employment figure as well as wage growth. However as with other recent UK releases, any market reaction might be reserved for when STIR markets open at 7:30BST.
251 words

To read the full story

Why Subscribe to

MarketNews.com

MNI is the leading provider

of news and intelligence specifically for the Global Foreign Exchange and Fixed Income Markets, providing timely, relevant, and critical insight for market professionals and those who want to make informed investment decisions. We offer not simply news, but news analysis, linking breaking news to the effects on capital markets. Our exclusive information and intelligence moves markets.

Our credibility

for delivering mission-critical information has been built over three decades. The quality and experience of MNI's team of analysts and reporters across America, Asia and Europe truly sets us apart. Our Markets team includes former fixed-income specialists, currency traders, economists and strategists, who are able to combine expertise on macro economics, financial markets, and political risk to give a comprehensive and holistic insight on global markets.
  • Note that there will be one further release of labour market data next month ahead of the June MPC decision (it will be released on the Tuesday of the decision week).
  • Employment is forecast to rise by just 4,000 in the January-to-March period according to the Bloomberg consensus, after a 10,000 gain the in the three months to February. Payroll employment is forecast to rise by 51,000 in April, after a 35,000 increase in March, the smallest addition since February 2021.
  • However, the jobless rate is seen remaining at 3.8%, matching the lowest level since the fourth quarter of 2019, with the employment rate remaining well below pre-pandemic levels. In the BOE’s post-MPC press conference, Governor Andrew Bailey stressed the strength of the UK labour market as grounds for underlying confidence despite the cost-of-living crisis.
  • Earnings growth likely steadied in the first quarter, matching the 5.4% annual gain recorded in the three months to February. But with CPIH averaging 5.5% over the opening three months of the year, total earnings likely fell into the red.
  • During the Treasury Select Committee testimony yesterday, we did see STIR markets price in a slightly more aggressive pace of tightening this year. And Governor Bailey highlighted that the tightness of the labour market had taken the BOE by surprise. We expect the market to remain focused on the HMRC real-time payroll employment figure as well as wage growth. However as with other recent UK releases, any market reaction might be reserved for when STIR markets open at 7:30BST.