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Pound picks up after improved jobs figures

Sterling is bouncing back after a grim start to the day after data showed UK unemployment in the second quarter fell to a 42-year low, beating analyst expectations as basic wage growth also improved.

At pixel time, the pound is 0.2 per cent up against the dollar at $1.2888, having been down 0.2 per cent before the data release.

Unemployment came in better that forecast at 4.4 per cent. Analysts had expected it to remain flat at 4.5 per cent.

Wage growth also outpaced expectations, clocking in at 2.1 per cent. Analysts had expected a pace of 2 per cent.