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Annual pay growth excluding bonuses averaged 6% between January and March, unchanged from last month according to figures from the Office for National Statistics (ONS). It had been expected to slow to 5.9% between January and March. Taking inflation - which measures the pace of price rises - into account, wages were up by 2.4%. Unemployment, meanwhile rose to 4.3% between January and March, the highest for almost a year, the ONS said. The number of vacancies also slowed meaning more unemployed people are competing for the same jobs. Liz McKeown, the ONS's director of economic statistics, said:...
Euronews (English)
The euro, serving as the official currency for 20 members of the European Union, has experienced a notable devaluation against the US dollar, declining approximately 2.2% since the start of 2024. Despite a recent minor uptick in the euro's value, the exchange rate between the two currencies, denoted as EUR/USD, has lingered at historically low levels, hovering just below 1.08 as of 14 May. This decline in the euro's strength can be largely attributed to a pronounced discrepancy in monetary policies pursued by the European Central Bank (ECB) and the US Federal Reserve (Fed), resulting in a wide...
Euronews (English)
Gold has surged by 14% year-to-date, outpacing the 10% rally of the S&P 500 this year. Gold futures peaked at an all-time high of $2,413 per ounce on 19th April, while spot gold reached a fresh peak of $2,1392 per ounce on the same day. Following a two-week retracement, the precious metal's price saw a swift rebound last week, rising by $60 per ounce to surpass $2,360 on Monday. It's notable that gold's price was just above $1,800 per ounce at its recent lows in early October 2023. From an investment perspective, gold is typically favoured during uncertain times, such as financial crises, war,...
Euronews (English)
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The monetary policy accounts of the latest European Central Bank's meeting in April indicated that the Governing Council finds it "plausible" to begin easing monetary policy restrictions in the upcoming June meeting. The April meeting minutes highlighted that markets had effectively digested the ECB's communications, with a general preparedness for a potential rate cut in June, should incoming data support the current economic projections. A broad consensus among the members underscored the prudence of waiting until the next monetary policy meeting. This would allow the Council to assess addit...
Euronews (English)
The Bank of England (BoE) has opted to maintain the bank rate at 5.25% in its May meeting, as expected, underscoring its commitment to maintain a restrictive monetary policy, aimed at anchoring inflation back to its 2% target over the medium term. In a split decision, Monetary Policy Committee members Swati Dhingra and Dave Ramsden advocated for a reduction of the rate by 0.25 percentage points to 5%, diverging from the majority of seven members. This represents a shift from previous meetings, where typically only one member dissented. With this decision the cost of borrowing in the United Kin...
Euronews (English)
The Royal Institution of Chartered Surveyors (RICS)’ UK residential market survey for April 2024 was released on Thursday, highlighting that house prices were little changed last month, registering a drop of -5%. This figure, however, largely missed analyst expectations of -2%. Most parts of England, especially southern parts and London saw mainly flat or slightly lower house prices, however, Scotland and Northern Ireland registered gains. Overall, the outlook for the next three months dropped to -13%, however, the outlook for the next year was significantly more upbeat, with house prices in t...
Euronews (English)
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