Foreign Exchange Market Update

January 21, 2025

United Kingdom (U.K.): Jobless Rate Rises, Wage Growth Remains High

British Pound traded at 1.2330 against USD at 9:00 AM PST.

The U.K. unemployment rate rose slightly in the third quarter and wage growth remained high. Still, falling vacancies signal a decrease in pay pressures, official data showed. The unemployment rate rose to 4.4% in the September to November period, as expected, from 4.3% in the three months leading to October, the Office for National Statistics revealed. Average earnings excluding bonuses grew 5.6% in three months leading to November from a year ago, slightly faster than the forecast of 5.5%. Earnings including bonuses also climbed 5.6% annually, in line with expectations. The claimant count held steady at 4.6% in December. The number of people claiming unemployment benefits increased by 7,000 from November. Payrolled employment decreased by 47,000 the previous month and fell 8,000 on year to 30.3 million in December. In the December quarter, the number of vacancies decreased 24,000 on the quarter to 812,000. Vacancies declined for the 30th consecutive period. 01/21/2025 - 04:03:00 (RTTNews)

Hong Kong (H.K.): Inflation Steady At 1.4%

Hong Kong Dollar traded at 7.7858 against USD at 9:00 AM PST.

Hong Kong's consumer price inflation remained stable for the second month in December, data released by the Census and Statistics Department showed. The CPI climbed 1.4% year over year in November, just like the previous two months. Economists had expected inflation to rise slightly to 1.5%. Utility costs grew 11.4% annually in December, and transport costs were 2.1% more expensive. On the other hand, clothing and footwear prices dropped at a faster pace of 3.2%. Netting out the effects of all the government's one-off relief measures, underlying inflation was 1.3% versus 1.4% in November. The average monthly rate of increase for the three months ending in December was 0.1%. During 2024, consumer prices were 1.7% higher compared to the year prior. 01/21/2025 - 03:58:00 (RTTNews)

Mexico: Retail Sales Unexpectedly Fall 0.1%

Mexican Peso traded at 20.5553 against USD at 9:00 AM PST.

Mexico's retail sales decreased for the second month in November, data from the National Institute of Statistics and Geography, or INEGI, showed. Retail sales fell a seasonally adjusted 0.1% month-over-month in November, following a 0.3% fall in October. Meanwhile, economists had expected a 0.3% rebound. Sales of agricultural and forestry raw materials, for industry, and waste materials dropped 2.9% monthly. Moreover, those of food, beverages, ice, and tobacco grew 2.3%. Yearly, the decline in retail sales deepened to 2.2% in November from 1.7% a month ago. 01/21/2025 - 08:05:00 (RTTNews)