According to Odaily Planet Daily, data shows that the unemployment rate in the UK has risen more than expected, and wage growth has slowed. The pound fell against the dollar from 1.2825 to a three-month low of 1.2800, while the euro rose against the pound from 0.8294 to 0.8303.
In the three months ending in September, the unemployment rate rose from 4% in the previous quarter to 4.3%. Average income, excluding bonuses, increased by 4.8% year-on-year, higher than the expected 4.7%.
Kathleen Brooks, head of research at XTB, stated that the rise in the unemployment rate may lead the market to start pricing in a rate cut by the Bank of England next month.