Wage growth slowed less than expected in September from 8.1% to 7.9% (exp. 7.3%). The unemployment figures should discarded given the data quality issues, but in general, the report points to ongoing cooling in the jobs market. This appears to be good news for the Bank of England and we think private sector wage growth can slow down to around 4.5% by next summer.

EUR/GBP is heavily testing 0.8700 but will struggle to make a break lower if ZEW shows some improvement.