tional Statistics from the UK reported that unemployment picked up in May as wages increased, a red flag for theInvestors assess rising wages and unemployment in the UKincreased by two ticks to reach 4.0% during the three months leading up to May, its highest since January 2022, while markets expected it to remain steady at 3.8%.On the other hand, there was an improvement in wage growth. Average Weekly Earnings rose by 6.9% year-on-year, surpassing the expected 6.
Despite the higher unemployment figures, according to the World Interest Rate Probabilities , markets are discounting higher odds of a 50 basis points interest rate hike on August 3rd, followed by another 50 bps hike on September 21st and additional 25 bps increase in Q4, which would see the bank rate peak at 6.5%.
On the other hand, Machine Tool Orders in Japan declined by 21.7% in June YoY, compared to, a slight improvement from the 22.1% decline observed in May. In addition, falling Japanese yields from Japan due to weak data may contribute to limiting the JPY advance. On Wednesday, the May core machine orders will be released, and market expectations predict a year-on-year increase of 0.1%, an improvement from the previous month's decline of -5.9% in April.
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