UK Unemployment Rate Rises, Sterling Hits Three-Month Low

According to Odaily, recent data reveals that the United Kingdom's unemployment rate has increased more than anticipated, while wage growth has decelerated, albeit slightly below expectations. Following the release of this data, the British pound fell against the US dollar from 1.2825 to a three-month low of 1.2800. Meanwhile, the euro rose against the pound from 0.8294 to 0.8303. In the three months leading up to September, the unemployment rate climbed from the previous quarter's 4% to 4.3%. Average earnings, excluding bonuses, grew by 4.8% year-on-year, surpassing the expected 4.7% increase. Kathleen Brooks, Head of Research at XTB, noted in a report that the rising unemployment rate might prompt the market to increase its pricing for a potential interest rate cut by the Bank of England next month.