GBP: Steady Sterling Awaits Jobs Data Amidst Narrow Trading Range

GBP: Sterling steady into jobs data next Tuesday

GBP: Sterling steady into jobs data next Tuesday

EUR/GBP volatility remains near recent lows and spot trades well within a tight 0.8570-0.8640 range. Second or third-tier UK data has been quite mixed recently, but the main event on the data front will be next Tuesday's release of jobs and wages data. We see that as a negative event risk for sterling, where wage growth could continue to slow and take some of the steam out of the 100bp+ Bank of England tightening expectations still priced in by money markets.

GBP/USD to trade well within a 1.2400-1.2500 range.

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Topics

gbp/usd gbp bank of england eur/gbp jobs data sterling volatility money markets UK data wage growth spot tight range mixed wages data negative event risk tightening expectations trading range.