GBP: Bank of England's minutes
Bank of England’s meeting minutes:
- 7-2 in favor of keeping rates unchanged
- 9-0 in favor of continuing QE
McCafferty and Weale kept calling for an increase in the benchmark rate by 25 bps.
Labor market data:
- Average earnings rose by 1.4% vs. +1.0% expected.
- The number of unemployment claims contracted more than expected (by 26.9K vs. 19.8K forecasted)
- The unemployment rate stayed at 6% (didn’t fall to 5.9%).
The Bank of England claimed that stronger wage growth is needed before the rate hike. There weren’t any unexpected comments. GBP/USD is trading just above 1.5700.