Market News
Sterling weakens as soft labour market data supports UK rate cut bets - REUTERS
LONDON, June 10 (Reuters) - The British pound fell against the dollar and the euro on Tuesday as soft UK labour market data bolstered investors' bets for more rate cuts this year from the Bank of England.
Pay growth slowed sharply while the unemployment rate rose to its highest level in nearly four years in the three months to April, Britain's Office for National Statistics said.
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The downturn appeared to gather pace in May as more timely tax office data showed a slump of 109,000 in the number of employees on company payrolls, the biggest decline since May 2020 at the height of the COVID-19 pandemic.
