Workers across the UK are getting less money in their pockets at the end of every month as regular pay in real terms fell by 2.4% in November to January, according to the Office for National Statistics (ONS).
UK GDP grew by 0.3% month by month in January compared to December’s drop of 0.5%. It’s the service sector that carried this gain, while manufacturing dropped off for January.
The US Dollar has remained elevated this morning but further growth in the safe haven currency, following comments from Federal Reserve chairman Jerome Powell which pointed towards further interest rate hikes to tackle soaring inflation.
Yesterday at the Federal Reserve’s Semi-annual Monetary Policy Report Fed Chair Jerome Powell confirmed the FOMC terminal rate could be higher than initially anticipated (in Sept 2022 the TR stood at 4.6% for 2023, now the market believes the rate stands closer to 5%); Subsequent Dollar strength saw Pound plummet over 1.5% against the Dollar.
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Expectations are the pound will struggle to gain any momentum against the Euro over the coming days.
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