The Office for National Statistics (ONS) released the figures for the UK labour market. The report is set to continue placing downward pressure on the British pound, Kit Juckes, Chief Global FX Strategist at Société Générale, reports.

Bank of England remains in a bad place

“Very low unemployment, higher wage growth, still low labour force participation and a sharp drop-off in vacancies make for inflation persistence, but slower growth ahead. That in turn, makes sure the BoE’s MPC remains in a bad place and sterling remains on the back foot.”

“We expect more EUR/GBP upside.”