Yes folks, your UK data risk at 09.30 GMTWages is the key reading here as I always highlight. BOE have repeatedly said they expect CPI to peak around 3-3.2% anytime now. After yesterday’s softer/steady inflation data the heat on needing wage growth to outpace it therefore reduces a little. A positive number will ofc be most welcome but will lessen the need for rate hikes.
We can, as always, expect the initial algo-led reaction however the data plays out so be ready with your entry/exit levels from whichever side you want to play. BOE’s Haldane due to speak at 10.00 GMT so keep that in mind as will markets.
Placing limit orders in advance can often be useful given the occasional speed of moves and subsequent reversals, although equally it can be prudent to wait and manually trigger executions once you’ve sized up the data in its entirety and gauged the price action.
I’m not going to beat the algos so have your data calendars open.
GBPUSD currently 1.3194 running into offers/res around 1.3200 EURGBP 0.8965 GBPJPY 148.95 GBPCHF 1.3023