GBP Tumbles Against USD Amid Disappointing UK Employment Data

The British Pound (GBP) fell against the US Dollar (USD) on Tuesday after the release of UK employment data for three months ending June.

Analysts at ING described the latest labour figures as offering 'nothing particularly earth-shattering', but still showing a cooling jobs market. They noted that payrolled employment was down slightly, while warning that this masked 'big differences between government (which is still actively hiring), consumer services (where job numbers are consistently falling and the pace of decline is getting worse) and the remaining private sector, which is flatlining.'

The GBP/USD traded at 1.3522 after rejecting the area around 1.3570 on Monday.