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Private wages slightly softer than consensus, much softer than BOE exp

UK DATA
  • The private sector regular pay numbers at 6.5%Y/Y in the 3-months to November are marginally softer than the expectations from the previews we had read - but notably softer than the 7.2% the BOE has pencilled in for next month's release (there was no BOE expectation for today's release).
  • HMRC payrolls are also a bit softer than expected while the unemployment rate was largely unchanged - but we don't pay much attention to the latter as it is still using the flawed methodology with the ONS not introducing the new methodology yet.
  • GBPUSD down to intraday low - falling around 20 pips in the initial kneejerk to a low of 1.2663 (but back up to 1.2674 at writing).
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