The GBP/ZAR currency pair remained stuck within a tight daily range on Tuesday ahead of South Africa’s CPI figures and as new data showed that UK wage growth had been the slowest since the three months to January 2022.
Regular pay, excluding bonuses, increased 4.2% year-on-year to GBP 691 per week in the three months to December, slowing from a 4.4% surge in the preceding period, data by the Office for National Statistics showed.
At the same time, the UK unemployment rate went up to 5.2% in the three months to December from 5.1% in the previous period. It has been the highest jobless rate since the three months to February 2021.
The data added to the case for further policy easing by the Bank of England.
The BoE left its benchmark interest rate intact at 3.75% at its February 5th meeting in a narrow 5 to 4 vote, as officials weighed easing inflation pressures against risks stemming from a weakening economy.
The official UK CPI inflation numbers for January are due to be released tomorrow.
In the meantime, Rand traders will additionally be paying close attention to local CPI inflation figures, also due on Wednesday, for fresh clues over price pressures within Africa’s most industrialized economy and the South African Reserve Bank’s policy trajectory.
The GBP/ZAR currency pair was last down 0.10% on the day to trade at 21.7173.
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