Investing.com - The average earnings index in the U.K. increased less than expected in the three months to May, dampening prospects for higher interest rates, official data showed on Wednesday.
In a report, the U.K. Office for National Statistics said that the average earnings index, including bonuses, rose by a seasonally adjusted 3.2% in the three months to May, missing forecasts for a gain of 3.3% and after increasing by 2.7% in the three months to April.
Excluding bonuses, wages rose by 2.8% in the three months to May, compared to expectations for a gain of 3.0% and following a 2.7% increase in the three months to April.
GBP/USD was trading at 1.5608 from around 1.5657 ahead of the release of the data, while EUR/GBP was at 0.7063 from 0.7038 earlier.
Meanwhile, European stock markets held on to modest losses. London’s FTSE 100 shed 0.3%, the EURO STOXX 50 dipped 0.15%, France's CAC 40 declined 0.2%, while Germany's DAX slumped 0.15%.