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BoE Quarterly Inflation Report in focus for rate hike clues

FXStreet (London) - Ahead of the release of the Bank of England's Quarterly Inflation Report, focus will be on indications as to whether the central bank will move to hike rates from their current record-low 0.5 percent levels in November. Expectation will hence on the stance taken towards slack in the economy.

Before the release of the report we will see ILO unemployment numbers for the UK as well as the perhaps more important wage statistics. Despite a consistent strengthening of headline macroeconomic data, real wages continue to be outstripped by inflation, with CPI currently running at 1.9 percent.

It is expected that today's report will see a cut in wage growth expectations, after the last Inflation Report forecasted nominal wage growth of 2.5 percent by the end of 2014.

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