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31 Dec 2019

UK’s Javid: Minimum wage will rise by record 51p in boost for struggling Brits – The Sun

The UK’s Finance Minister Sajid Javid recently crossed wires, via The Sun, while announcing that the minimum wage will rise by a record 51p so struggling Brits begin the new year with an imminent pay rise. The Chancellor reveals that the National Living Wage will increase from £8.21 to £8.72 an hour in April.

Key quotes

"The 6.2% hike is double the rate of average annual wage growth and also twice the current rate of inflation, as well as the legal minimum’s biggest cash rise ever since it came into force in 1997."

"It will deliver an extra £930 a year into the pockets of almost three million who earn it."

"The move is the start of an array of actions by the newly elected Tory government that will make 2020 ‘the year of leveling up’."

“Getting Brexit done doesn’t just mean passing legislation, to me, it means helping people so that they know the country works for them.”

FX implications

While the market is still in its nascent stage amid the initial Asian trading, as well as year-end holiday mood, news like this adds to the on-going rise by the British pound. By the time of writing, the GBP/USD pair trades near to 1.3120.

Dec 31, 2019

GBP/JPY Technical Analysis: Below 21-day SMA, 12-day-old trendline amid bearish MACD

GBP/JPY takes the bids to 142.86 amid Tuesday’s Asian session. The pair needs to overcome key nearby technical resistances, not to forget bearish MACD.
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Dec 31, 2019

When are China’s official PMI data and how could they affect AUD/USD?

China Federation of Logistic and Purchasing will release December month’s official PMI numbers around 12 pm Sydney/01 am GMT on Tuesday.
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