British Pound drops against Yen after UK employment data release
The British Pound (GBP) faces selling pressure against the Japanese Yen (JPY) after the release of the United Kingdom (UK) labor market data for three months ending in June, dropping to near 215.95.
The British Pound experienced a decline against the Japanese Yen following the release of UK employment data for the three months ending in June. According to the Office for National Statistics, the economy added 83,000 new jobs, which was lower than the 147,000 jobs created in the previous quarter. Despite this weaker labor market data, the UK's unemployment rate remained steady at 4.9%, as expected.
Meanwhile, average earnings excluding bonuses grew at a faster pace of 3.5% year-over-year compared to the estimated 3.4% and the prior reading of 3.4%.
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