Yesterday’s publication of employment data for the three months to November showed a significant fall in average earnings, which will have supplied encouragement to those who see the Bank of England cutting interest rates sometime during this quarter.Wages rose by 6.6% between September and November from 7.2% in the three months to October. There was also a significant fall in the claimant count for November, revised close to almost unchanged, while there were 11.7k new claimants in December.The market will be keenly awaiting this morning's release of inflation figures for December, as the pressure begins to rise on the Bank of England to cut interest rates from their highest level for fourteen years.While the rise in wages was still close to double the pre-pandemic rate of 3.8% it represents a significant improvement as interest rate hikes continue to influence demand and the number of available jobs diminishes.The hawkish members of the Monetary Policy Committee will still be concerned about the level of wage growth and are unlikely to vote for a cut until even more progress has been made.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.