Analysts at Scotiabank argued that GBP can forget about Brexit, for a little while at least.
Key Quotes:
“Sterling can forget about Brexit for a little while at least and bask in the support derived from this morning stronger than expected weekly earnings data (+3.1% Y/Y for basic wages in Aug’s data – against expectations of a 2.9% gain).”
“Jobs data were a little softer (employment fell 5k) but the strongest wage gains since 2009 suggest that were it not for Brexit risks – which we feel remain significant – markets might be talking about tighter BoE policy risks.”
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