Pound Slips as UK Wage Growth Slows, Supporting Gradual Rate Cuts
The British pound edged lower on Tuesday after official data showed that growth in average UK earnings slowed slightly in the three months to August. The weaker wage figures suggested the Bank of England may have more room to continue cutting interest rates, though likely at a cautious pace.
Sterling was last down 0.2% against the U.S. dollar, trading at $1.3309, after briefly turning positive earlier in the session. The currency also weakened against the euro, which rose 0.3% to 87.03 pence, marking its biggest daily gain in nearly a month.
