UK Labor market had gained momentum heading into the referendum vote’, said Mike Ingram, Strategist at BGC partners on the opening segment of today’s London open finance show. He was joined by Tip TV’s ZaK Mir.
Ingram added the unemployment data is laggard indicator in the UK, unlike in the US where we have a initial number subject to revisions. Nevertheless the strong labor market gains and moderate wage price inflation (low inflation in general) in May highlighted by the UK data released today is good for the UK economy and pound. No wonder, cable rallied to a high of 1.3197 after the data release.
Mir and Ingram also talk discuss trade idea of the day, broker forecasts and corporate earnings.