Investing.com - The average earnings index in the U.K. increased less than expected in the three months to August, dampening the case for higher interest rates, official data showed on Wednesday.
In a report, the U.K. Office for National Statistics said that the average earnings index, including bonuses, rose by a seasonally adjusted 3.0% in the three months to August, missing forecasts for a gain of 3.1% and after increasing by 2.9% in the three months to July.
Excluding bonuses, wages rose by 2.8%, below expectations for 3.0% and following a 2.9% increase in the three months to July.
GBP/USD was trading at 1.5286 from around 1.5305 ahead of the release of the data, while EUR/GBP was at 0.7466 from 0.7450 earlier.
Meanwhile, European stock markets held on to losses. London’s FTSE 100 dropped 0.65%, the EURO STOXX 50 slumped 0.6%, France's CAC 40 declined 0.65%, while Germany's DAX shed 0.8%.