The monthly jobs report released by the ONS yesterday showed that the UK labour market continued to improve. UK unemployment dipped to 5.50%, recording the lowest unemployment rate since the ONS started keeping records. The average earnings index also bounced back strongly, rising 2.90% excluding bonuses and posting its strongest ever levels. On the backdrop of a robust unemployment report, the British Pound surged higher across the board recovering from losses earlier this week attributed largely to a weak CPI reading. GBPUSD closed higher yesterday, gaining 0.95% to close at 1.5490. Today’s session will see the monthly retail sales numbers which have largely remained subdued for the past two months. The median estimates point to a 0.20% increase in retail sales, up from 0.10% last month. However, the data is unlikely to dramatically impact GBPUSD in the run up to today’s FOMC event.