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Now that the UK election is over, at least the political side of Brexit seems on firmer footing going forward.
Therefore, attention is turning away from the divorce drama and back to the underlying data.
The UK leaving in January still has economic implications, and the pound ought to be affected. After some rosier than expected data last week, tomorrow we get employment data.
Lately, central bank policy has shifted towards an emphasis on maintaining employment as a way of pushing inflation. The BOE hasn’t been as outspoken on that subject. And with core inflation close to target rate, they have been holding off on rate cuts.
However, with a steadier outlook following the General Election, a worse performance in jobs numbers could renew calls for a rate cut.
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