- wage data softer than expected
- productivity gap 16 percentage points vs pre-crisis trend
- equilibrium unemployment may be lower than estimated
BOE’ Miles:
- thinks there may be more spare capacity than 1-1.5% of GDP range
Pound under pressure from initial comments and Bean
GBPUSD now taken out 1.7000 bids to test next strong line at 1.6980
EURGBP 0.8020.