The pound slumped versus the dollar after a report showed U.K. jobless claims surged more than economists predicted in May and wage growth slowed, damaging the case for the Bank of England to raise interest rates.
terling slid 0.5 percent to $1.6296 as of 10:08 a.m. in London. The pound strengthened 0.3 percent to 87.94 pence per euro, after appreciating as much as 0.5 percent. Wage growth excluding bonuses slowed to 2 percent in the three months through April, the weakest since the quarter through August.
The pound had been supported by a separate report that showed U.K. consumer confidence jumped the most in 5 1/2 years in May. An index of sentiment compiled by the Nationwide Building Society gained 11 points from April to 55, the highest in five months.
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