Euro Rebounds Amid Mixed UK Employment Data, Pound Weakens
The Euro rebounded partially from its decline over the past two days, but remains vulnerable as it trades around 0.8560 against the British Pound. The Pound weakened after mixed UK employment data was released on Tuesday.
The UK's Office for National Statistics reported that the ILO Unemployment Rate remained steady at 4.9% in the three months to July, meeting expectations, but jobless claimants increased by 27.8K, exceeding the forecast of an 8.3K increase. This is a concerning trend for the Pound.
The Bank of England's decision to stop selling long-dated securities amid global bond market turmoil has also weighed on the Pound. The BoE is expected to leave interest rates unchanged at its upcoming monetary policy decision, but investors will be watching for any signs of dissent among committee members.