BOE Greene:Latest pay data shows pretty high wage growth,but moving in the right direction

BOE’s Greene is on the wires saying:

• latest patent data shows pretty high wage growth, though moving in the right direction.
• Latest inflation data surprised on the upside little
• Wage growth in services price inflation are not consistent with this sustainable return to 2% inflation.
• UK labor market loosening, but still remains pretty tight. We expect inflation to return to target in coming months, but don’t expect it to stay there.
• I don’t think a rate cut is imminent.

Comments are on the hawkish side

The GBPUSD as move back toward the midpoint of the move up from the October 2023 low at 1.24646. Getting and staying above that level is still needed to give the buyers more confidence from a technical perspective

This article was written by Greg Michalowski at www.forexlive.com.