Economic news

Pound dips ahead of key labour market data

The pound slumped versus the dollar on Tuesday as the U.S. currency recovered, while investors were awaiting important British earnings figures due later this week that could lead the BoE's interest rates hike in May.

Photo: Reuters

Sterling slipped 0.3 percent versus the greenback to trade at $1.3953. The British currency in January touched its top of $1.4346 since the Brexit vote. Versus the euro, the pound rose slightly to 88.495 pence per euro.

Traders said the May interest rates increase was largely priced into sterling, which has been risen 3.4 percent versus the dollar this year, and for further rally there would need to be more clarity over transition deal between the UK and the EU.


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