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British Pound Subdued On Rising UK Unemployment

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The British pound is staying subdued against the dollar on Tuesday after labor data showed number of people in work in the United Kingdom dropped by 140 thousand in the three months to April 2024, easing from a 177 thousand decline in the prior period but more than forecasts of a 100 thousand decrease. ILO Unemployment Rate rose to 4.4% in the three months to April after reporting 4.3% in the previous period, data published by the Office for National Statistics (ONS) showed. Additional details of the report showed that the number of people claiming jobless benefits rose by 50.4K in May, compared with a revised increase of 8.4K reported in April, beating the expected 10.2K increment. UKs pound was trading at $1.2735, almost flat against the dollar. However, dollar index futures standing tall above 105 mark in line with rising US treasury yields also weighed on the British currency. US inflation data and FOMC outcome this week is likely to provide further cues for the currency pair.
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First Published: Jun 11 2024 | 3:43 PM IST

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