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The UK gilts suffered during European session Tuesday following a near-decade long improvement in the country’s wage growth during the month of September. However, the unemployment rate disappointed market investors, as it topped market expectations, also rising from its previous reading in August.
The yield on the benchmark 10-year gilts, rose 1 basis point to 1.463 percent, the super-long 30-year bond yields also gained 1 basis point to 1.923 percent and the yield on the short-term 2-year traded nearly 1-1/2 basis points higher at 0.764 percent by 09:50GMT.
A latest Bloomberg report said that Britain’s wage growth advanced to a near-decade high amid tightness in the labour market. Average earnings excluding bonuses rose 3.2 percent in the three months through September from a year earlier, the most since December 2008 and unemployment unexpectedly rose from a 43-year low to 4.1 percent, data released by the Office for National Statistics showed Tuesday.
According to a report from BBC News, "Late-night UK-EU talks in Brussels ended with "optimism on both sides", government sources say, although no final Brexit deal has been agreed. The Northern Ireland border remains the key issue to be resolved. Prime Minister Theresa May will update her cabinet on the latest developments at a meeting in Downing Street."
Meanwhile, the FTSE 100 traded 0.35 percent higher at 7,077.94 by 09:55GMT, while at 09:00GMT, the FxWirePro's Hourly Pound Strength Index remained neutral at -22.931 (a reading above +75 indicates a bullish trend, while that below -75 a bearish trend). For more details, visit http://www.fxwirepro.com/currencyindex
