Sterling hits fresh lows versus euro & dollar after UK jobs data

The sterling fell to an eight-month on Tuesday after data showed the jobless rate in Britain rose for the first time since late 2020. Unemployment edged up to 3.8% in the three months to April from 3.7% for the three months to March. The Bank of England is expected to raise interest rates again on Thursday. The UK’s growth, however, is already among the lowest for countries in its GDP range, and there is uncertainty over how fast the BoE can raise interest rates this year to tame inflation without further hurting the economy. Know more in this video.