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 British pound fell from 1.2825 to a three-month low of 1.2800 against the US dollar, while the euro rose from 0.8294 to 0.8303 against the pound.
In the three months up to September, the unemployment rate increased from 4% in the previous quarter to 4.3%. Average earnings, excluding bonuses, rose by 4.8% year-on-year, higher than the expected 4.7%.
Kathleen Brooks, research director at XTB, stated that the rise in unemployment could lead the market to start pricing in a rate cut by the Bank of England next month.