Think the UK event risk is over for GBP pairs today? Then think again

Author: Mike Paterson | Category: Central Banks

UK wages and jobs data not the only event risk for GBP today 21 Feb

Just a heads up that we have the latest BOE testimony to the parliamentary Treasury Select Committee at 14.15 GMT

Representing the BOE MPC today is team captain Mr C, with old boys Haldane and Broadbent and latest acquisition Tenreyro who will all be doing their best to fob off the TSC with usual aplomb. We should stay alert for headlines though with the algos ever-poised to react to the slightest out-of-line comments/responses.

I expect Carney to remain cautious on inflation while being careful not to add to any more hype on May rate hikes. He will have to face fresh questions on wages and jobs given today's less than impressive data. Tenreyro struggled to acclimatise on her debut appearance in October so might provide the weakest link/maximum impact today but she will since have been well-briefed/advised how to deal with these head-to-head confrontations.

Watch, laugh and weep at all the fun and mind games/question evasion here.

Whatever happens on the knee-jerk reactions don't forget we have FOMC Minutes at 19.00 GMT casting a shadow to help contain ranges prior.