Market News
Sterling snaps four-day rising streak after jobs data - REUTERS
Nov 11 (Reuters) - Sterling snapped a four-day rising streak as data on Tuesday showed British unemployment rose, while annual wage growth slowed slightly, bolstering expectations for a Bank of England interest rate cut next month.
Yields on 2-year gilts , more sensitive to expectations for BoE policy rates, dropped 6 bps to 3.74%, within a whisker of their lowest since August 2024.
Appetite for risky assets, which usually supports the British currency, was mixed with European shares (.STOXX) rising to a two-week high while U.S. stock futures dropped 0.20% after the S&P 500 jumped 1.5% the day before.
