India, Feb. 17 -- The British pound weakened against other major currencies in the European session on Tuesday, as weak labor market data reinforced expectations that the Bank of England may cut interest rates as soon as March.
Market bets that the Bank of England (BoE) will lower interest rates by 25 basis points (bps) in March.
Data from the Office for National Statistics showed that the unemployment rate rose to 5.2 percent in the three months to December from 5.1 percent in the preceding period. The rate came in line with expectations.
Annual growth in employees' average earnings including bonus was 4.2 percent but weaker than the forecast of 4.6 percent. Earnings excluding bonus also grew 4.2 percent, which was in line with expectat...