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Slightly disappointing report

UK DATA
  • Overall a slightly soft report - the payrolled employees falling 136k is a big dip (although the ONS is very cautious about gauging the importance of this). AWE were pretty much in line with expectations. Long-term sickness moved to a record high, but the inactivity rate fell due to more 16-24y seeking employment.
  • Vacancies fell 55k on the quarter but are still 282k above pre-covid levels.
  • GBPUSD is down from 1.2515 pre-data to below 1.2490 at writing with EURGBP up 10 pips to above 0.8700.

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