The EUR/GBP cross loses traction near 0.8540 during the early European session on Tuesday.
EUR/GBP loses momentum around 0.8540 in Tuesday’s European session, down 0.20% on the day. UK Unemployment Rate fell to 4.2% in three months to June; Claimant Count Change came in at 135K in July. Bloomberg economists expect the ECB to cut its deposit rate once a quarter through the end of next year. The cross edges lower after the recent mixed UK labor market data. The attention will shift to the German August ZEW survey, which is due later on Tuesday.
Employment FAQs How do employment levels affect currencies? Labor market conditions are a key element in assessing the health of an economy and thus a key driver for currency valuation. High employment, or low unemployment, has positive implications for consumer spending and economic growth, boosting the value of the local currency.
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