UK’s ONS corrects Q2 unit labor costs to 2.4% y/y from 1.6% previous estimate

The UK’s Office for National Statistics (ONS) announced its correction on employment inflation data, citing that it raised the Q2 unit labor costs to 2.4% from the previous estimate of 1.6% (y/y).

The buying interest behind the GBP/USD pair remains unabated on the above-mentioned headlines, keeping the rates at a striking distance of daily tops of 1.3125.

Earlier on the day, Reuters reported that the ONS upward correction would push the BOE to hike rates sooner (rather than later).