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Nov 16 - 10:55 AM

GBP: UK Labor Market Gives Green Light For Gradual BoE Hikes - MUFG

By eFXdata  —  Nov 16 - 09:30 AM

MUFG Research discusses its reaction to today's UK labor report.

"The pound has strengthened this morning following the release of the latest UK employment report. The combination of weaker euro and stronger pound has resulted EUR/GBP falling back towards 0.8450 after hitting an intra-day high earlier this month at just below the 0.8600-level...The ONS reported that “our most timely estimate of payrolled employees indicate that in October 2021 there were 29.3 million employees, up 160,000 on the revised September 2021.

"Overall, the developments support our view that the BoE should have enough further clarity on labour market developments by the December MPC meeting when we expect the first rate hike (15bps) to be delivered. Current plans for only gradual tightening would suggest that market expectations for another follow up hike as soon as in February would likely be too soon though," MUFG adds. 

Source:
MUFG Research/Market Commentary

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