- NEWS Desk Global
STERLING HOLDS AT FIVE-MONTH LOW AFTER UK LABOUR DATA
On Tuesday, the pound remained at a five-month low against the dollar following data indicating a higher-than-expected increase in Britain's unemployment rate. Sterling was unchanged on the day against the dollar, trading at $1.24475, after hitting its lowest level since November 17 earlier in the session.
The UK unemployment rate for the three months to February climbed to 4.2% from 3.9%. However, the Office for National Statistics noted some volatility in its data due to ongoing revisions to its survey methodology. The forecasted figure for February was at 4%. Additionally, regular wages excluding bonuses grew by 6.0% compared to the same period a year earlier, slightly easing from the 6.1% increase seen in the November-to-January period.