Earlier in the week average wage data proved stubborn and this is something the BoE is looking at closely, along with services inflation. The BoE has also been quick to point out that wageremains hotter in the UK than in the US and the EU when questioned about the timing of rate cuts. Stubborn wage growth and services sector inflation can support the pound at it implies interest rates need to remain higher for longer to see these pockets of inflation head lower.
The US Dollar Basket revealed a lower move yesterday and is slightly higher today – keeping the pound at arms length.
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