Great Britain Pound Posts Losses as Wage Growth Misses Expectations

The Great Britain pound fell today, dropping for the second consecutive day against the US dollar and the euro, as wage growth disappointed economists. Other parts of the employment report were not bad though.

According to the report from the Office for National Statistics, average weekly earnings rose 2.6% in the period from October from December compared to the same period a year ago. The consensus forecasts had promised the same 2.8% rate of growth as in the previous month’s report. The unemployment rate stayed at 4.8%. Meanwhile, the number of people seeking unemployment benefits slumped by 42,400 instead of rising by 1,100 as analysts had predicted.

GBP/USD dropped from 1.2466 to 1.2420 as of 12:38 GMT today. EUR/GBP rose from 0.8478 0.8500.

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