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The Pound Sterling surged against the dollar following the US Nonfarm Payroll data release, which added 216K new jobs in December. Despite revisions to key datasets, markets surged on the NFP forecast-beater, pushing the US Dollar broadly lower and sending the Pound Sterling to a new 2024 high.
US Average Hourly Earnings for the year through December also beat expectations, climbing from 4.0% to 4.1% versus the forecast tick down to 3.9%. The US Unemployment Rate also beat the street, holding steady at 3.7% against the forecast increase to 3.8%.
UK Halifax Housing Prices rebounded for the annualized fourth quarter, climbing 1.7% after the previous quarter’s -0.8% backslide. Next week will be BRC Like-For-Like Retail Sales on Tuesday, followed by a clear data docket from the UK until next Friday’s Manufacturing & Industrial Production, as well as UK GDP figures.
US data will again feature heavily next week, with US Consumer Price Index (CPI) figures for December printing on Thursday, as well as Producer Price Index (PPI) and the Michigan Consumer Sentiment Index for January both printing on Friday.
