Free Trial

Labour market data due at 7:00BST

UK DATA
  • There seems to be two-way risks from this morning's data to pricing for next week's meeting while pricing for year-end (187bp currently priced) and the terminal rate (258bp priced by May 2023) have more potential to price in less, rather than more.
  • Most closely watched will be average weekly earnings - both the including and excluding bonus numbers - as this is one of the best gauges the MPC has for second round inflationary effects.
  • The August payrolls number will also be important.
  • The previous print saw stronger growth in employment and also higher wage growth than had been expected – a repeat would likely see markets lean further towards pricing in a 75bp hike for next week (66bp is currently priced).
  • The UK's busy data week continues tomorrow with inflation data at 7:00BST.

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.