Pound Advances Most in a Week as U.K. Wage Growth Accelerates
- Sterling climbs from lowest level in two months versus dollar
- U.K. unemployment rate unexpectedly fell to 5 percent
Brexit: How to Play the Euro and Pound
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The pound gained the most in a week against the dollar as data showed an unexpected acceleration in U.K. wage growth, while traders waited for more signals on the possible outcome of Britain’s vote on European Union membership.
Sterling advanced versus all but three of its 16 major peers, gaining a boost from rising stock markets before the Federal Reserve is forecast to leave U.S. rates unchanged in its policy announcement later Wednesday. Data also showed the U.K.’s unemployment rate fell to 5 percent in the three months through April, the lowest since 2005. Economists surveyed by Bloomberg forecast the rate staying at 5.1 percent.