Pound Sterling declines amid growing concerns over UK labor market
The Pound Sterling (GBP) trades lower against its peers, except safe-haven currencies, on Friday due to growing concerns about the United Kingdom (UK) labor market.
The Office for National Statistics (ONS) reported on Thursday that the ILO Unemployment Rate accelerated to 4.7% in the three months ending May, the highest level seen since the quarter ending July 2021. The jobless rate has risen since April, when the increase in employers’ contributions to social security schemes announced by Chancellor of the Exchequer Rachel Reeves in the Autumn Statement came into effect. Read more…
GBP/USD Forecast: Sellers hesitate as market mood improves
Following Thursday’s choppy action, GBP/USD gains traction and rises toward 1.3450 in the European session on Friday.
Although Pound Sterling managed to hold its ground following the employment report, the upbeat data releases from the US supported the US Dollar and made it difficult for the pair to gather bullish momentum on Thursday. Read more…
