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GBPUSD Slips Below $1.28 Mark On Soft UK Employment Data; All Eyes On US Inflation

Published on Mar 12, 2024 16:29

UK pound eased on Tuesday following United Kingdom ONS reported softer-than-expected Employment data for the three months ending in January. The Unemployment Rate climbed to 3.9%, higher than expectations and the prior reading of 3.8%. UK employers laid off 21K workers against hiring of 72K job-seekers in three months ending in December. In February, the Claimant Count Change grew moderately by 16.8K from expectations of 20.3K. In January, individuals claiming jobless benefits were 3.1K, downwardly revised from 14.1K. Earnings including bonuses rose at a slower pace of 5.6%, against the consensus of 5.7% and the prior reading of 5.8%. The soft employment data and slower earnings could mean BOE could start reducing rates earlier than expected, Meanwhile, recovery in dollar index ahead of US inflation data is also adding pressure on the British pound alongside peers. Currently, GBPUSD is trading at $1.2797, down 0.08% on the day. On the NSE, GBPINR futures eased below 106 to be currently quoting at 105.93, down 0.28% on the day.

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