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UK labor market report was mixed. The unemployment rate dropped to 5.2% in October, second lower since January 2006.
This labor market report was released after Bank of England Governor Mark Carney, stated in a interview with the Financial Times that the conditions for a rate hike in UK are not fulfilled at the turn of this year.
He said, 'so in terms of overall growth, it's been there, but in terms of the cost developments, it hasn't been'.
"Our interpretation is that a BoE hike in Q1 16 now seems off the table despite the tighter labour market. Recently, we moved our call for the first BoE hike to Q2 16, probably May (previously Q1 16, February). The combination of slower wage growth, lower oil prices and the poor risk environment are main reasons why the BoE is now on hold", says Danske Bank in a research note.
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Carney takes Q1 2016 BoE hike off the table
Thursday, December 17, 2015 6:58 AM UTC
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