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GBP/USD edges a little lower following UK jobs report

The latest UK jobs reports have just hit the screens. The data has revealed a couple of things of note. First, the employment change in the 3 months to April fell by more than expected, by 139k, adding to the 178k fall last month. Payrolled employees in May fell again but this time by just 3k. Wages were mixed in terms of gains and the number of jobless claims shot higher in May, rising by 50.4k after an 8.4k rise in April. The 3 month underlying rate of unemployment rose to 4.4%, from 4.3%. The reaction in the Pound has seen it fall slightly versus the dollar and edge a little lower versus the Euro. Overall, this data seems to endorse the sickness of wages set against the backdrop of a deteriorating jobs market and in that sense it was not great news. The GBP/USD is currently trading at 1.2724
 

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