EUR/GBP selling persisted this morning following the release of August 1st MPC minutes. While showing the expected 9-0 vote in favour of leaving the asset purchases unchanged, GBP rose on the surprise hawkish forward guidance dissent of Martin Weale.
Registering a protest vote against the BoE’s inflation knock-out, the dissent suggests not all are happy with embedded guidance flexibility. Against this new policy backdrop, today’s labour data should add to GBP upside.
While expectations for unchanged (7.8%) unemployment we met, a larger than expected employment gain (+65k versus 34k consensus) and a fall in the more timely claimant count (to 4.3% from 4.4%) point to an improving labour outlook.
Investors’ digestion of this labour data should thus have a negative effect on EUR/GBP in the new guidance environment.
http://www.efxnews.com/story/20204/gbp-upside-pressure-intact
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