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Sterling sheds gains after UK jobs data

The pound shed its gains and dipped slightly into the red against the US dollar after UK wage growth data came in significantly short of estimates.

At pixel time, sterling was down slightly at $1.3283. It had traded as high as $1.3323 earlier in the day.

Average weekly wages were up 2.1 per cent year-on-year in the three months to July, matching the previous month’s figure, but well below the 2.3 per cent economists had forecast.

The news adds to concerns that wages are not keeping up with price growth, with the latest figures pointing to annual inflation running at about 2.9 per cent.