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U.K. Retail Sales Tumbled as Consumers Showed Election Caution -- Update
U.K. shoppers turned away from retail outlets last month, after highs in May, amid election jitters and poor weather.
Pound Sterling Declines After Weak UK Retail Sales Report
The Pound Sterling (GBP) extends its correction against majority of its peers in Friday’s London session.
UK Jobs Data Cooled the Pound
The UK labour market is experiencing a cooling phase. The number of applications for unemployment benefits in June increased by 32.3K after a jump of 51.9K a month earlier.
GBP: Inflation Remains Stubborn – Commerzbank
Wednesday's UK inflation figures were slightly higher than expected, Commerzbank FX analysts Ulrich Leuchtmann and Michael Pfister note.
BOE Faces Easing Jobs Market Balanced With Sticky Inflation
Despite a cooling U.K. labor-market, it is marginally less probable that the Bank of England's first rate cut will materialize in August after inflation for June failed to cool any further, says Lindsay James, investment strategist at Quilter Investors. The stubborn levels of core inflation, driven in part by persistently high wage growth in an economy short of workers, is a key reason why the BOE is yet to cut rates, she says in a note. Nonetheless, with inflation at target and the labour market showing some signs of cooling as vacancies continue to decline, more members of the bank's monetary-policy committee will likely vote for a cut in the August meeting than the two in June, she adds.
BOE August Decision a Close Call After Labor Data -- Market Talk
1001 GMT - U.K. employment data suggest that labor-market conditions are loosening and that pay growth is easing, Investec economist Philip Shaw says in a note.