| Time | Country | Event | Period | Previous value | Forecast | Actual |
|---|
| 07:00 | Germany | CPI, m/m | October | 0% | 0.4% | 0.4% |
| 07:00 | Germany | CPI, y/y | October | 1.6% | 2% | 2% |
| 07:00 | United Kingdom | Average Earnings, 3m/y | September | 3.9% | 3.9% | 4.3% |
| 07:00 | United Kingdom | Claimant count | October | 10.1 | 30.5 | 26.7 |
| 07:00 | United Kingdom | ILO Unemployment Rate | September | 4% | 4.1% | 4.3% |
| 10:00 | Eurozone | ZEW Economic Sentiment | November | 20.1 | 20.5 | 12.5 |
| 10:00 | Germany | ZEW Survey - Economic Sentiment | November | 13.1 | 12.8 | 7.4 |
| 12:00 | OPEC | OPEC Monthly Report | | | | |
GBP fell against other major currencies in the European session on Tuesday as investors weighed the UK’s labour market data, which showed a bigger-than-anticipated increase in the unemployment rate but a weaker-than-expected deceleration in wage growth.
The Office for National Statistics (ONS) reported the number of employed people in Britain rose by 220,000 in the three months through September. This represented the weakest three-month gain since the second quarter. Meanwhile, the country’s unemployment rate jumped to 4.3% from 4.0%, exceeding economists’ forecast of 4.1%. This marked the highest rate since the three months ending in May. Pay growth, excluding bonuses, decelerated to 4.8% in the third quarter from 4.9% in the three months to August, slightly above economists’ prediction of 4.7%.
Commenting on the latest data, the Bank of England’s chief economist Huw Pill stated that wages in the UK continue to be quite sticky and remain at elevated levels that are hard to reconcile with the BoE’s inflation target. The official also reiterated his view that further rate cuts should be a gradual process.