Forex News: The UK employment cycle, which lags the economic growth cycle, has begun to turn over in the past few months, says Bank of Scotland. Therefore today's labor data carries a downside risk for GBP says the bank. Of the data it's average earnings which is key for the MPC, who are unlikely to raise rates if there is little evidence of second round inflation effects, says the bank. UK data hits the wires at 0830 GMT, the DJN forecast is +10k for the June claimant count, +3.8% for average earnings and ex-bonus.
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