Analysts at Brown Brothers Harriman explained that in the UK, the lack of wage increases has deterred the Bank of England from raising interest rates. Key Quotes: "The rise in earnings in the middle of last year were not sustained and seemed to have been a bit a statistical quirk." Average weekly earning had fallen 0.1% in the middle of 2014 on a three-month year-over-year measure. In May 2015, it had risen to 3.3%." "This is what prompted many to expect a BOE hike first in 2015 and then in early 2016." "It has been pushed out into 2017 as average weekly earnings slumped to 2.0% in November." "The December figures will be released next week. Several MPC members have indicated that until there is better traction on wages, they are hard pressed to support higher interest rates." For more information, read our latest forex news.