GBP/USD slips as wage data hint at moderation. Economists at Scotiabank analyze the pair’s outlook. UK wage data for August came in a bit softer than
expected Average earnings eased to 8.1% YoY over the August quarter, down from 8.5% in July. Ex-bonus earnings eased to 7.8%, but from an upwardly-revised 7.9% in July.
Markets view the break in the rising wage trend as tilting risks against another BoE hike before year-end but wage growth remains very strong overall and there is still some key data ahead which may sway thinking again. Loss of support at 1.2125 will edge risks towards a retest of 1.20 area in the next day or so, given soft/bearish underlying momentum. Resistance is 1.2215/1.2225.
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