The figures from the Office for National Statistics (ONS) signal an end to the squeeze on household incomes after the slump in the pound following the Brexit vote drove the cost of living higher. Sterling fell as low as $1.20 at the beginning of 2017, having traded at close to $1.50 before the vote.
The headline unemployment rate, which measures the percentage of the British workforce who want a job but don't have one, fell from 4.3% to 4.2%, marking a second consecutive month of a dropping headline jobless rate.
"The pound was the standout performer yesterday and is now the best performing G10 currency versus the U.S. dollar on a year-to-date basis".
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I think the target has always got to be that. "It would have done us the world of good to get the three points but it was a great finish by Andy".
Rising to $1.4364 by today morning, the pound has hit its highest level against the dollar since the Brexit vote in June 2016 amid hopes that the United Kingdom and European Union can avoid a hard Brexit and strike a deal. He could be right.
The pound rose to another post-Brexit-vote high this morning against the dollar as US President Donald Trump talked down the greenback and traders anticipated wage data to confirm a course for a rate hike next month. Meanwhile, the British currency actually posted a minor loss against the Euro previous year.
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There was also good news for wage growth, with wages growing at 2.8% over the period.
Tuesday's data comes just weeks ahead of the May interest rate decision from the Bank of England May that is widely expected to yield another 25 basis point increase in the Bank Rate, which would leave the UK's main interest rate at 0.75%. The next reading is due on Wednesday 18, April. The latest snapshot of the United Kingdom jobs market was released on Tuesday, showing United Kingdom wage growth outstripping inflation for the first time in more than a year, but slightly below estimates. What is clear however, is that a failure to raise rates in May will be bad for Pound Sterling.
Total earnings growth unexpectedly stall in 3 months to Feb * Sterling weakens after official data * Economist says Bank of England still likely to raise rates * Unemployment falls to lowest rate since mid-1975 (Adds market reaction, economist comments) By William Schomberg and David Milliken LONDON, April 17 (Reuters) - Workers in Britain have yet to see their wages rise more quickly than inflation despite unemployment falling to its lowest rate since 1975, according to official data published on Tuesday.
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By 11:10 a.m. BST (6:10 a.m. ET), sterling was marginally lower against the dollar at $1.4313.