GBP/EUR: Pound Steady Ahead Of UK Jobs Data

The pound euro (GBP/EUR) exchange rate is rising for a fourth session, moving towards €1.1650.

The pound is rising as attention turns to UK jobs data which showed that average earnings jumped 8.2% in the three months to June, well ahead of the 7.2% forecast. Meanwhile unemployment rose to 4.2%.

The data will unnerve policy makers who are battling to control high inflation.

The euro fell yesterday after German wholesale prices fell by -2.8%, more than the -2.6% expected.

Today attention is on German ZEW economic sentiment data, which is expected to show that morale held steady at -14.7.