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Bank of England increases significance of unemployment figures

Bank of England increases significance of unemployment figures

Today Mark Carney, New Governor of the Bank of England, spoke on the back of the Bank of England’s quarterly inflation report.

The key message, as afar as the FX markets are concerned, is that the unemployment rate will become the key indicator as to when the BoE may be likely to withdraw extraordinary monetary policy activity, such as quantitative easing.

This means that unemployment data, various measures of which are normally released the middle Wednesday of each month (next is Aug 14th),  will have far more significance and far more of an impact on GBP than it is has done in the past.

 

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