Sterling slipped to a four-week low against the euro today, giving up its earlier gains.

The latest inflation-lagging wages data did anything to challenge the view that the Bank of England will keep interest rates on hold after their first increase in a decade. 

The pound had briefly climbed on the numbers, which showed workers' total earnings, including bonuses, rose by an annual 2.2% in the three months to September.

This was slightly above an average forecast in a Reuters poll of a 2.1% rise. 

But after hitting a five-day high of $1.3215, sterling quickly slipped back, giving up all its earlier gains to trade flat at $1.3177. 

Against the euro, sterling slipped as much as 0.6% on the day to 90.14 pence - its weakest since October 20. The currency has since settled closer to 89.5 pence per euro.

Data yesterday had put UK consumer price inflation at 3% in October. 

Today's ONS figures also showed the number of people in work in Britain fell by the most in more than two years in the three months to September, in the latest sign of weakness in Britain's Brexit-bound economy. 

At the same time, the inactivity rate - a measure of people not in work and not seeking a job - rose by the most in nearly eight years, the Office for National Statistics said. 

With the UK labour market data out of the way, traders will now be focused on US inflation data due later in the day, to see whether the core rate of price growth can bounce to a level that puts further rate rises in 2018 on the table. 

Investors are also keeping a close eye on Brexit developments. 

Prime Minister Theresa May's blueprint to leave the European Union emerged unscathed yesterday from a first day of debate in parliament on legislation to sever ties with the bloc. 

The debate is expected to last weeks. 

With the UK labour market data out of the way, traders will now be focused on US inflation data due later in the day, to see whether the core rate of price growth can bounce to a level that puts further rate rises in 2018 on the table. 

Investors are also keeping a close eye on Brexit developments. 

Prime Minister Theresa May's blueprint to leave the European Union emerged unscathed yesterday from a first day of debate in parliament on legislation to sever ties with the bloc. 

The debate is expected to last weeks.