Commenting on the UK’s labor market statistics on Tuesday, British Finance Minister Jeremy Hunt said that “we must not do anything that risks permanently embedding high prices into our economy, which will only prolong the pain for everyone.”

GBP/USD is rising back above 1.2200, underpinned by the beat in the UK earning growth, which raised the probability of a 50 basis points (bps) Bank of England (BoE) rate hike to 74%. The UK Average Hourly Earnings rises to 6.4% in November vs 6.3% expectations.

Attention now turns toward Wednesday’s UK Consumer Price Index data due at 07:00 GMT for fresh cues on the BoE’s policy path for 2023.