The pound's unemployment rally is over

Well, that didn't last long.

The pound rallied on jobs numbers mid-morning Wednesday in London, but is back down against the dollar and euro at lunchtime.

The pound fell against the dollar and euro in Asian trade on Wednesday, before getting a major boost from UK unemployment figures that showed unemployment remains at near-record low of 4.7% despite Brexit.

But the rally didn't last long. Here's how the pound looks against the dollar at 1.00 p.m. BST (8.00 a.m. ET):

GBP_USD___Pound_Dollar_ _Investing_com_UK

Investing.comAnd here's how the pound looks against the euro at the same time:

GBP_EUR___British_Pound_Euro_ _Investing_com_UK

Investing.comWhile neither move is particularly drastic, it's another weak day for sterling, showing Brexit fears continue the weigh on Britain.

 

Connor Campbell, a financial analyst at SpreadEx, says in an emailed statement: "Following the explosive reaction to yesterday’s inflation data the jobs update faced a tough task in producing something as noteworthy. Alas, it wasn’t up to, well, the job, with September’s figures lacking any real change."

Sterling gained on the dollar and euro on Tuesday thanks to a weak dollar and the return of inflation prompting traders to bet against a November interest rate cut from the Bank of England.

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• GOLDMAN SACHS: If we're right, the pound should fall another 10%

• The pound fell off a cliff

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