Pound Reverses Gains Versus Dollar After Jobless Claims Increase
The pound pared gains versus the dollar after data showed the number of people claiming unemployment benefits in the U.K. rose more than forecast in February.
Sterling was little changed at $1.5702 at 9:33 a.m. London time after reaching $1.5744. It was 0.2 percent stronger at 83.13 pence per euro.
Jobless claimants climbed by 7,200 from January to 1.612 million, the Office for National Statistics said today in London. That’s the 12th straight increase. The median forecast of 28 economists in a Bloomberg News Survey was for a gain of 5,000.
To contact the editor responsible for this story: Mark McCord at firstname.lastname@example.org