Pound Sterling struggles to find a direction ahead of key data. The BoE keeps interest rates steady to safeguard the economy from recession. UK Rishi Sunak is expected to fulfill his promise of halving inflation to 5.4% by the year-end. The near-term demand for the GBP/USD pair depends on the performance of the UK economy in the fourth quarter of 2023.
As per the projections, US employers are expected to have hired 180K workers in October against what was a surprisingly higher reading of 336K in September. The Unemployment Rate is seen unchanged at 3.8%. Investors will keenly watch Average Hourly Earnings, which is a measure of wage inflation, for interest rate guidance. On a monthly basis, Average Hourly Earnings are seen expanding at a higher rate of 0.3%, as against a 0.2% increase in September. The annual data is seen decelerating to 4.