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Pound slips to fresh lows near 1.3520 as UK jobs disappoint

GBP/USD was last around 1.3522 after the pair was rejected near 1.3570, with UK unemployment steady at 4.9% and wage growth picking up to 3.5% yearly.

Reported · Written up by our desk · Major Pairs

The British pound extended its reversal versus the US dollar on Tuesday, with GBP/USD trading around 1.3522 after rejection near the 1.3570 area on Monday, according to FXStreet.

UK data showed ILO unemployment held steady at 4.9% in the three months to June, while employment rose by 83K, below May’s 147K gain. Wage inflation also accelerated, with Average Earnings Excluding Bonus rising 3.5% yearly over the same period, up from 3.4%.

FXStreet added that the dollar drew some support from a risk off environment as US-Iran tensions resurfaced after a June memorandum of understanding ended. It also cited Scotiabank strategists noting softer US data is dampening expectations for Fed tightening, even as signs of market concern about US fiscal dynamics remain visible in the steepening US yield curve.

Latest closeGBP/USD 1.354 ▲0.3%

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