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Mar 12 - 06:55 AM

GBP/USD - Drops Through 1.28 On Below-Forecast UK Pay Growth

By Rob Howard  —  Mar 12 - 04:35 AM
  • Cable falls to 1.2785, lowest level since Thursday, as UK data weighs on GBP

  • Ex-bonus pay growth 6.1% vs 6.2% forecast; ILO jobless rate 3.9% vs 3.8% f/c

  • 1.2812-1.2823 was Asia range (pre-UK data). 1.2796-1.2863 was Monday's range

  • Sub-forecast pay growth is boost for doves advocating BoE cut before August

  • GBP/USD could fall further if US CPI data hotter than expected at 1230 GMT

  • Headline CPI forecast up 0.4% MM, 3.1% YY. Core CPI f/c up 0.3% MM, 3.7% YY

Source:
Refinitiv IFR Research/Market Commentary

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