Yesterday’s publication of employment data provided yet another twist to the seemingly endless saga of the timing of an interest rate cut by the Bank of England. Earlier this month, following the Budget it had been assumed that with inflation still being “sticky”, the Bank would hold off on a rate cut, particularly since the economy had seemingly come out of recession as quickly as it went in.Now, the jobs data shows that the labour market is cooling, likely in response to the level of interest rates. This is a far longer-term effect of monetary policy and may lead to a change of view, although there are several “voices” on the MPC who are calling for rates to be kept “higher for longer.”The Bank’s Chief Economist, Huw Pill, commented that he felt that the first cut in interest rates is still “some way off”, while the Committee’s arch-hawk, Catherine Mann spiked only yesterday because of her belief that rates need to remain at their current level until there is solid evidence that inflationary pressures are consistent with the Bank’s 2% target.While the UK may not now be in recession, data published later this morning will go a long way to confirming that, the employment data resembles tion heading in that direction.Beyond Currency Market Commentary:Aims to provide deep insights into the political and economic events worldwide that can cause currencies to change and how this can affect your FX Exposure.