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Pound which has already gained over sharp rises in wages, in spite of slowdown in global economic activity received further fuel from Bank of England's (BOE) Monetary Policy Committee (MPC) members.
Latest unemployment report showed that in three months to August, unemployment rate has dropped to 5.5% from 5.6% in prior report. Wage growth got most of the spotlight as for three months, wages rose by 2.9% both including and excluding bonus. Wage growth is much higher for services sector.
Sterling is up more than 1.1% against Dollar, trading at 1.5513, broken above key resistance.
Analysts are divided over bank of England's rate hike, while some remain skeptical, others have repeatedly warned that markets might be misreading BOE's commentary.
In parliamentary hearing several MPC members have provided additional fuel to Pound.
- Ian McCafferty - There is a risk that wages will grow faster than originally expected by the bank. Risks of persistent deflation in UK is low.
- Governor Mark Carney - Economy is growing faster than trend rate, will consider rate hike discussion at turn of the year. China influence, not determinant for rate hike.
- Kristin Forbes - Underlying inflation should start to pick up soon. Credit conditions have improved for most companies. Growth and wages to remain strong going forward.
