Forex
Pound Tumbles on Slowing Wage Growth and Job Vacancy Decline
The British pound extended its decline against the US dollar on the morning of the 18th in London foreign exchange trading.
As of 9:30 a.m. UK time, sterling traded at $1.3520-$1.3530, down $0.0030 from 4:00 p.m. the previous day, reflecting a weaker pound and stronger dollar.
The release of labor market statistics showed that private-sector weekly wage growth (three-month average, year-on-year) for the April-June quarter decelerated, prompting markets to factor in a cooling UK labor market.
Subdued wage growth fueled expectations that the Bank of England has greater room for additional rate cuts, encouraging pound selling and dollar buying.