Pound Tumbles Near 1.3520 on Mixed UK Employment Data

The British pound fell to its lowest level near 1.3520 against the US dollar on Tuesday, extending its recent decline after mixed UK employment data strengthened expectations for a Bank of England rate cut.

The Office for National Statistics reported that the unemployment rate rose to 4.2% in the three months to January, while wage growth, excluding bonuses, cooled to 5.7%, indicating a softening labor market.

This mixed employment data has analysts predicting a higher likelihood of the BoE cutting interest rates sooner than anticipated.