UK wage data beats expectations, Pound Sterling rises

Pound Sterling rose after UK wage data beat expectations and the UK unemployment rate fell to 3.8% in December, underscoring a tight labour market that can ensure inflation stays elevated.

The Pound to Euro exchange rate gapped to 1.1730 from 1.1715 after the ONS said average earnings, with bonuses included, fell to 5.8% from 6.7% year-on-year in the three months to December. But this exceeded an expectation for a greater fall to 5.6%.

The Pound to Dollar exchange rate rose to 1.2640 from 1.26 ahead of the release.

Fidelity Special Values PLC (LON:FSV) aims to seek out underappreciated companies primarily listed in the UK and is an actively managed contrarian Investment Trust that thrives on volatility and uncertainty.

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