#EURGBP @ 0.86993 : There is still ample upside room – ING
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A small decline in wage growth is hitting the Pound. Economists at ING expect the EUR/GBP pair to extend its rally.
“After last month’s unexpected surge in the level of UK average pay, the growth rate on a monthly basis slowed once again.”
“With the BoE having put a lot of weight on this release, as well as the next CPI print, the chances of a pause at the June meeting have slightly increased.”
“The price action in the Pound this morning is mirroring this: EUR/GBP has broken back above 0.8700 and we think there is still ample upside room as further BoE tightening is priced out of the Sonia curve.”
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