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Pound slips versus dollar after softer UK employment data

The move came after UK payroll employment eased in the three months to June, leaving investors to watch Wednesday’s UK CPI for clues on Bank of England policy.

Reported · Written up by our desk · Major Pairs

The British pound weakened about 0.1% versus the US dollar to trade near 1.3530 during European hours on Tuesday after the release of UK employment data for the three months ending in June, FXStreet reported.

Analysts at ING said the labour figures do not point to anything major, but they reinforce a cooling jobs picture, noting that payrolled employment was down slightly while underlying trends differed across sectors.

Looking ahead, investors are set to focus on the UK Consumer Price Index data for July, due Wednesday, to gauge the outlook for Bank of England monetary policy.

In parallel, the US dollar held a modest recovery, with the US Dollar Index around 99.65, and traders were not expecting the Federal Reserve to hike rates at its September meeting, FXStreet added.

Latest closeDollar index 99.64 ▼0.3%

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