UK Unemployment vs Real Earnings Growth
Our prolonged bullishness in GBPUSD since July continues to be backed by renewed UK upside suprises. The 7.1% figure in UK Nov unemployment is the lowest since March 2009 & 0.3% point decline from October's 7.4% is the biggest monthly drop in 17 years. But the BoE may not rush into lowering its existing 7.0% unemployment threshold. Here is why?
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