Labour Productivity y/y comes in at 0.5%

The United Kingdom’s Labour Productivity y/y figure, released today, came in at 0.5%. This marks an increase from the previous reading of 0.4%. No consensus figure was available for comparison.

Initial market reaction to the release has been limited across major GBP pairs. Fifteen minutes after the data, EURGBP traded +1.5 pips higher, while GBPAUD moved -5.2 pips lower. GBPCAD showed no change, trading at 0.0 pips from its pre-release level, and GBPCHF was down -2.6 pips. GBPJPY declined by -8.3 pips, and GBPNZD fell -12 pips. GBPUSD saw a modest increase of +0.9 pips. These observed movements are notably small when compared to the typical volatility seen after past Labour Productivity releases. For instance, EURGBP typically sees a median 1-hour move of 7 pips, and GBPNZD a median 1-hour move of 21 pips, with top-quarter releases often exceeding 13 pips and 37 pips respectively for these pairs.