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The United Kingdom’s gilts plunged during Tuesday’s afternoon session after the country’s average earnings for the month of October, not only surpassed market expectations, but also rose compared to the previous reading in September, recording its fastest pace in a decade, followed by a rise in the employment change for the similar period.
However, the jobless rate remained unchanged at 4.1 percent, meeting consensus estimates as well.
The yield on the benchmark 10-year gilts, jumped 4 basis points to 1.237 percent, the super-long 30-year bond yields surged nearly 6 basis points to 1.765 percent and the yield on the short-term 2-year traded 4-1/2 basis points higher at 0.735 percent by 09:50GMT.
Average earnings, excluding bonuses, rose by an annual 3.3 percent in the three months to October, above expectations for them to hold steady at 3.2 percent. The annual growth rate has not been higher since the May-to-July in 2008. Including bonuses, pay growth rose by an annual 3.3 percent, above expectations for a rise of 3.0 percent.
Further, the number of people in employment in the UK rose 79k, compared to the 25k expected. The unemployment rate remained steady at 4.1 percent, also aligned with market estimates.
Meanwhile, the FTSE 100 traded 0.50 percent higher at 6,754.65 by 09:55GMT, while at 09:00GMT, the FxWirePro's Hourly Pound Strength Index remained neutral at -24.46 (a reading above +75 indicates a bullish trend, while that below -75 a bearish trend). For more details, visit http://www.fxwirepro.com/currencyindex