GBP/USD unimpressed by rise in UK wages, lower jobless rate

• The UK wages excluding bonuses rose by 3.8%y/y vs. 3.8% y/y expected.
• The UK wages including bonuses rose by 4.0% y/y vs. 3.7% y/y expected.
• The UK unemployment rate drops to 3.8% in July.

The Office for National Statistics (ONS) showed on Tuesday, the UK’s average weekly earnings, excluding bonuses arrived at 3.8% 3m y/y in July versus 3.9% last and 3.8% expected while the gauge including bonuses came in at 4.0% 3m y/y in July versus 3.8% previous and 3.7% expected.

The Kingdom’s official jobless rate ticked lower to 3.8% in July, while the claimant count change showed a minor increase.