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UK gilts suffer as November wage growth surges to decade-high; jobless rate surprisingly falls

The United Kingdom’s gilts suffered during Tuesday’s afternoon session following a decade-high surge in the country’s wage growth for the month of November, while jobless rate decline unexpectedly, from that in October.

The yield on the benchmark 10-year gilts, rose nearly 1-1/2 basis points to 1.337 percent, the super-long 30-year bond yields also surged 1-1/2 basis points to 1.849 percent and the yield on the short-term 2-year jumped 2-1/2 basis points to 0.815 percent by 10:10GMT.

Average earnings excluding bonuses continued to increase an annual 3.3 percent in the three months through November and unemployment fell to 4 percent, matching the lowest since 1975, the Office for National Statistics said Tuesday. Separate figures showed the budget deficit unexpectedly widened in December, Bloomberg reported.

"With earnings forecast to accelerate further, the Bank of England might normally be preparing to raise interest rates. But with no-deal Brexit fears mounting, and inflation expected to fall below target this month, traders put the chance of a hike this year at less than 70 percent," Bloomberg added.

Meanwhile, the FTSE 100 slid 0.50 percent to 6,934.00 by 10:15GMT, while at 10:00GMT, the FxWirePro's Hourly Pound Strength Index remained slightly bullish at 169.63 (a reading above +75 indicates a bullish trend, while that below -75 a bearish trend). For more details, visit http://www.fxwirepro.com/currencyindex

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May 21 14:00 UTC Released

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