The Pound Sterling (GBP) gives up an upbeat United Kingdom (UK) labor market data-driven recovery against its major peers on Tuesday. The British currency falls back as Bank of England (BoE) Governor Andrew Bailey has reiterated his concerns over the economic outlook. Bailey said in an event hosted by Bruegel, in Brussels in Tuesday's European session that we (officials) are facing a "weak growth environment" in the UK and added that we are in a period of "heightened uncertainty".
Bailey also said in his interview with the BusinessLine on Monday that the economic outlook is sluggish and surprisingly upbeat Q4 Gross Domestic Product (GDP) data had not changed the "bigger picture". In February's monetary policy statement, the BoE halved its growth forecasts for the year to 0.75%.
On Tuesday, Bailey's comments came after the UK employment data release. Earlier in the day, the Pound Sterling bounced back after the release of the strong employment data for the three months ending December.
The Office for National Statistics (ONS) reported that the economy added 107K workers, significantly higher than the 35K seen in the September-November period.
Source: FXStreet
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