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Pound slides versus yen after UK jobs and wage data
UK labor-market data showed job growth of 83K and faster wage increases, but the yen is still outperforming as traders await UK CPI.
The British pound fell against the Japanese yen after UK labor-market data for the three months ending in June, with GBP trading near 215.95 versus JPY as selling pressure built, according to FXStreet.
The Office for National Statistics reported the UK created 83K fresh jobs, below 147K in the quarter ending May. The ILO unemployment rate held at 4.9%, while wage growth looked mixed, with average earnings excluding bonuses up 3.5% year over year and average earnings including bonuses at 4.1%.
FXStreet said investors are now bracing for more volatility in the pound this week ahead of the UK CPI release, expected to show headline inflation rising to 2.9% year over year from 2.6% and core CPI edging to 2.5%. The outlook for Bank of England policy expectations is likely to hinge on that reading, with higher inflation typically supportive of sterling through expectations of sooner or faster rate increases.