GBP/USD rises on strong labor data - BoE challenges analysis
GBP/USD rallied on the back of strong labor data, fueling talk of challenges facing the Bank of England. With regular wages rising by 5.1% year-on-year and employment rising by 265,000, the Bank of England needs to find a balance between strong employment data and expectations for modest wage growth and interest rate cuts.
While the employment data released today benefited the pound, the ensuing inflation concerns cast doubts on future monetary policy. Slowing wage growth could prompt some dovish committee members to continue to support rate cuts, which would have far-reaching implications for GBP/USD.
Upcoming data this week, including US CPI and PPI, as well as related comments from Bank of England deputy governor Sarah Breeden, will be key. Particularly in the current environment, any policy divergence could have a significant impact on GBP.
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