GBP: Holding onto gains – ING

Today's UK labour market data has had no discernible impact on Pound Sterling (GBP), ING's FX analyst Chris Turner notes.

GBP to stay bid ahead of the UK-EU summit on 19 May

"Private sector pay growth is starting to slow, but last month's large fall in payrolled employees has been revised up (to -47k from -78k). Far more interesting for the Bank of England will be next week's April CPI services release."

"Before all that, however, we have the UK-EU summit on 19 May. Expect sterling to stay bid ahead of that – potentially even seeing EUR/GBP break below 0.84."