• -0.05% early after closing down 0.25%, with the US dollar little changed

• Soft UK regular pay growth weighed, easing inflation pressures and yields

• Yield spreads widened, 10yr gilt +5bp 4.537%, 10yr UST +12bp 4.832%

• UK employers see pay growth slowing to 5% in 2024 from 6% in 2023: XpertHR

• Slowing pay eases the pressure on the BoE to hike - CPI key later today

• Charts; 5, 10 & 21-day moving averages conflict, neutral momentum studies

• 21-day Bolli bands contract- mixed signals suggest a period of consolidation

• Neutral setup leaves last week's 1.2337 high as the first major resistance

• 1.2038, the October trend low remains the initial key support

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