Traders show renewed interest in pound after weak UK jobs data
Britain’s labour market cooled noticeably in the third quarter as wage growth slowed and the unemployment rate rose to 5% — the highest since early 2021, according to data from the Office for National Statistics (ONS). The figures strengthened expectations that the Bank of England may cut interest rates as early as next month.
As Reuters reported, wages excluding bonuses grew by 4.6% year-on-year in the three months to September, slightly down from 4.7% previously and in line with economists’ forecasts. Employment fell for the second consecutive month, while tax office data showed a drop of 32,000 jobs in October, following a similar decline in September.
Following the release of the report, the British pound weakened by roughly a quarter of a cent against the US dollar, while interest rate futures priced in around 65 basis points of rate cuts by the Bank of England by the end of next year. Finance Minister Rachel Reeves, who is preparing the November budget, is hoping for further easing of borrowing costs but remains cautious about the weakening labour market.
According to Yael Selfin, chief economist at KPMG, “today’s data strengthens the case for a rate cut in December, as moderating wage pressures and a cooling labour market could bring inflation closer to the target level by the end of the year.”
UK Forex market
The weakening of the pound and growing expectations of lower interest rates have sparked renewed interest in Forex trading. In this environment, more market participants are looking for the best Forex brokers UK — reliable intermediaries offering access to global liquidity and competitive trading conditions.
The increased volatility of the pound makes choosing a licensed broker especially important for those trading GBP/USD and EUR/GBP pairs. Leading platforms regulated by the Financial Conduct Authority (FCA) provide UK traders with secure accounts, GBP support, and transparent fee structures.
For those more focused on the cryptocurrency market, we have previously prepared an overview of the best crypto exchanges in the UK.
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