GBP Recovers from Jobs

The pound was initially lower versus the dollar and euro, slipping to 1.3847 and 0.9414, respectively. Dragging the sterling sharply lower was a dismal report on the UK jobs data. The January ILO unemployment rate edged up in line with expectations to 6.5%, versus 6.3% in the previous month. The February claimant count spiked up by 138.4k, bringing jobless claims to 1.39 million – which marked its highest level in 38-years.