The British Pound faced selling pressure on Tuesday following the release of weaker than expected UK unemployment data. The readings from the data, suggest markets now raised the probability of an interest rate cut from Bank of England in March.
The UK shed around 11,000 payroll jobs in January, marking the fifth consecutive monthly decline in employment. At the same time, the unemployment rate rose to 5.2 percent, a five-year high and slightly above expectations.
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