Cable loses ground after soft data on wages, but it is all about the BOE




Cable down to 1.3257 from a height of 1.3329

Inflation data, wage data and removes it. But the Bank of England decides.

The book was the big foreign exchange yesterday, after a strong CPI numbers convinced the hiking market in December was about 44% probability.

Today, data on wages has led to second thoughts; at least after taking a little time to let it penetrate. The slide decline was less aggressive than the rise.

This is a very good sign that the market wants to believe cable-or, at least, wants to sell the US dollar.

 

The interesting level to watch is 1.3167. It is the month of August high. If the cable can not go up over it in the day ahead, then the one bear brexit could start selling again.

That said, this one seems like it wants to run and the market specifications is net short, so it’s a good setup, despite the salary missing. The actual kicker will be when we hear from the BOE tomorrow. All the signs of hawkishness and there will be a rapid evolution towards 1.35 on the way to 1.40.

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