Wage data is key for GBP – ING

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Sterling will likely be ultra-sensitive to the wage data release, economists at ING report.

“The Bank of England made quite clear that its next policy move in June will largely depend on two releases: wages and inflation data.”

“We expect some moderation in the wage growth figure after last month’s jump, which may ultimately push the MPC in the direction of a hold at the June meeting.”

“Markets are pricing in 20 bps of tightening, and the downside risks are quite material for Sterling. We expect this to be mirrored in a higher EUR/GBP, which we expect to rebound to above 0.8800 by the end of this month.”

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