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Sterling dropped 0.6% against the dollar and 0.4% against the euro as the session got underway; though that leaves most of the currency’s post-May Brexit speech gains intact it does suggest that investors aren’t too keen to send it above $1.24 and €1.16 respectively. As for the FTSE, sterling’s early shyness only helped it post a meagre 5 point rise, meaning the index is still more than 100 points from the highs it hit at the start of the week.

The focus this morning is likely to remain on the pound as it processes the UK jobs data. For the 3 months to the end of November wage growth is expected to creep up to a fresh 1 year-plus high, with the unemployment rate forecast to come in unchanged at 4.8%. The claimant count change reading for December, meanwhile, is set to rise to 4.6k from 2.4k, though with some chunky revisions likely to be made to that latter number. If accurate these figures probably aren’t enough to inspire another round of remarkable growth for the pound, though it could ease its current losses.

Elsewhere the Eurozone indices weren’t up to much; the DAX sat flat at 11550, while the CAC slipped back by 20 points. Whether this stays the same will be dependent on the Eurozone-wide inflation figure later in the morning – analysts expecting confirmation of December’s previously stated 1.1%, a marked increase on November’s 0.6%.

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Please note this article does not constitute investment advice. Investors are encouraged to do their own research beforehand or consult a professional advisor.

Connor Campbell

Connor Campbell

Connor joined Spreadex in 2014 as part of a newly expanded financial analyst team after graduating from the University of Southampton with an MA in English. His focus is on providing Spreadex's customers with up-to-date and informative news, and is responsible for the market analysis found on the Spreadex website.

Connor produces three daily market updates, a daily stock earnings preview, a weekly financial market preview piece every Friday, a round-up of all the big financial stories making the weekend press every Monday morning and regular stock market features.

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