The Sterling fell sharply against the Greenback on the data showing lingering weakness in the UK employment growth. The GBP/USD exchange rate lost 22 pips to continue the wide-range fluctuation until the US reports put it back to the 1.3360 mark .

The number of employed people in the UK dropped again in October, indicating that employers were turning more cautious ahead of Brexit. Meanwhile, pay growth accelerated slightly, remaining lower than inflation. The Office for National Statistics reported that the unemployment rate held at historical low of 4.3%. The Bank of England hiked rates last month, expecting that stronger job market could boost wage growth, though today it is widely expected to keep rates on hold.

- advertisement -

LEAVE A REPLY

Please enter your comment!
Please enter your name here

This site uses Akismet to reduce spam. Learn how your comment data is processed.