The British Pound nudged back above 1.2200 against the US dollar after the BoE left the Bank Rate unchanged today by a vote of 6-3.
employment growth is likely to have softened over the second half of 2023, and to a greater extent than projected in the August Report.
Falling vacancies and surveys indicating an easing of recruitment difficulties also point to a loosening in the labour market. Contacts of the Bank’s Agents have similarly reported an easing in hiring constraints, although persistent skills shortages remain in some sectors.’‘to continue to fall sharply, to 4¾% in 2023 Q4, 4½% in 2024 Q1 and 3¾% in 2024 Q2.
Cable is trading at a fresh one-week high as traders price in a mildly hawkish central bank meeting. The pair are now in the middle of a range defined by the 78.6% Fibonacci retracement at 1.2089 and the 61.8% retracement at 1.2313.
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