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GBP/USD: Mixed UK data shrugged off as Brexit uncertainty continues
There was mixed news from the UK economy this morning, which saw the pound initially extend its losses before rebounding slightly. The UK unemployment rate unexpectedly fell to its lowest level since 1974 at 3.8%, down from 3.9% previously, while the employment rate hit a fresh record at 76.1% in the three months to March and the number of vacancies continued to rise. Employment remains strong therefore despite ongoing Brexit uncertainty. However, wages moderated unexpectedly sharply with the Average Earnings Index easing to 3.2% compared to 3.5% last and 3.4% expected. Overall, though, as it has become the norm, ... (full story)