Labor Data Lifts Sterling
The latest labor data from the UK helped to push the Pound Sterling above the $1.29 level during London trade on Tuesday. According to the UK's National Statistics Office, average earnings excluding bonuses to the 3-month period ending in December actually improved at 3.4%, rising from the upwardly adjusted 3.3% in the previous period. The claimant count rate and the ILO's unemployment remained flat at 2.8% and 4.0%, respectively. While that news wasn't exactly momentous, news that the labor market managed to maintain its growth pace was enough to shift momentum for Sterling.
As reported at 11;23 am (GMT) in London, the GBP/USD was trading at $1.2912, down 0.08% and moving off the earlier high of $1.2935. The EUR/GBP was trading at 0.8742 Pence, down 0.08% and off the session low of 0.87409 Pence, while the high was recorded at 0.87627 Pence.
Tepid ZEW Surveys Send Euro Lower
In the Eurozone, a mixed bag of economic results did little to provide a boost to the Euro. In Germany, the ZEW economic survey showed some improvement to -13.4% reading, but the survey which shows how business managers feel about Germany's current situation nosedived to 15.0 from 27.6 in the previous reading, against expectations of a fall to 23.0. The ZEW survey reading for the Eurozone came in at -16.6, improved from -20.9 and better than anticipated. The EUR/USD was trading at $1.1284, down 0.23%; the pair has ranged from $1.12828 to $1.13247 in today's session.