Sterling pares losses after UK wage data

Alsharq Tribune- Reuters

Sterling pared some of its losses against the dollar on Tuesday, after data showed that British wages rose by an annual 5.9% in the last three months of 2024. The pound was last down less than 0.1% against the dollar at $1.26145, rising from $1.2596 before the data.

British average weekly earnings, excluding bonuses, rose by 5.9% in the last three months of 2024 compared with the same period a year earlier, the Office for National Statistics said on Tuesday.

The increase was in line with expectations in a Reuters poll and marked the third straight monthly rise in wage pressures, presenting a complication for the Bank of England, which has signalled its desire to cut interest rates.