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Pound Hits 3-Month Low Against U.S. Dollar on Weak Jobs Data
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Pound Drops Amid Weak Jobs Data and Strengthening U.S. Dollar
On Tuesday, the pound fell to a three-month low after data showed regular wage growth had slowed and unemployment had ticked up, while currencies felt the pressure of a surging dollar following Donald Trump’s U.S. election victory. The pound slipped 0.93% against the U.S. dollar, closing at 1.2747.
(GBPUSD Daily Price Chart, Source: Trading View)
Data from the Office for National Statistics revealed that British wage growth, excluding bonuses, dropped in the third quarter to its lowest level in over two years. Unemployment rose to 4.3% in September from 4.1%, though low survey response rates have impacted the reliability of U.K. job data.
The slowdown in private sector wage growth suggests the Bank of England is likely to continue its gradual approach to rate cuts. There is little indication here that the Bank should be concerned about any near-term reversal of the labour market loosening or easing in underlying wage growth.
Additionally, President-elect Trump has proposed tariffs of 10% to 20% on all imports and potential 60% levies on Chinese goods—policies that investors believe could negatively impact America’s European trading partners. Since the election, the pound has fallen by around 1.1%.
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