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A headache for the Bank of England

A headache for the Bank of England | 15 August 2023

15 August 2023, GBP/USD

A headache for the Bank of England

GBPUSD trading plan:

Basic wages in Britain surged to hit a new record growth rate, figures fresh showed, adding to worries for the Bank of England about long-term inflation pressures even after 14 back-to-back increases in interest rates. Official data showed some fresh signs of cooling in the jobs market with the unemployment rate unexpectedly rising to 4.2% from 4.0%, the highest since the three months to October 2021. But the increase in basic earnings - the strongest in records data back to 2001 - represented further impetus for Britain's high rate of inflation with many employers resorting to increased pay offers to retain or attract staff. Pay growth looks set to overtake the rate of consumer price inflation which is forecast to have slowed to 6.8% in July.

Investment idea: range 1.2650 -1.2760.

David Johnson
Analyst of «FreshForex» company
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