January 24, 2018 / 9:50 AM / a month ago

Sterling briefly breaks through $1.41 after UK employment data

LONDON (Reuters) - Sterling jumped to above $1.41 on Wednesday after unexpectedly strong UK employment data helped the pound extend a recent rally to its highest levels since the vote to leave the European Union.

    The British currency GBP=D3 rose as high as $1.4118, up 0.8 percent on the day. It also hit a six-week high of 87.58 pence per euro EURGBP=D3.

    British government bond prices extended their fall after the labour market data and were down 29 ticks at 0938 GMT, roughly doubling their earlier decline. The yield on 10-year gilts hit its highest level since late October at 1.389 percent, up 3 basis points on the day. UK10YT=RR

    The internationally focused FTSE 100 .FTSE was down 0.5 percent at a session low after official data showed that UK employment surged to a record high and regular wages rose at their fastest rate in almost a year.

    Reporting by Tommy Wilkes; Additional reporting by William Schomberg and Julien Ponthus; Editing by Jemima Kelly

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