Heading into the European session, the market was graced by the release of UK employment data which showed a mixed reading in May.
The Office for National Statistics (ONS) reported the unemployment rate rose to 4.0% in the three months to May, up from 3.8% previously recorded.
However, the most focused component as the main indicator of inflation, which is the average income index, is reported to remain higher.
Average salary growth including bonuses increased by 6.9% year-on-year in May compared to expectations for a 6.8% rise, the highest reading since August 2021.
While salary growth excluding bonuses increased by 7.3%, the highest since June 2021 compared to the expected 7.1%.
Disregarding the time of the Covid-19 pandemic, this is the highest reading ever recorded on record.
Analysts are of the view that the labor market in the UK is still too tight, as wage growth remains above normal.
These figures are the first of two key pieces of data that the Bank of England (BOE) will look at to determine its decision at its meeting in early August.
Even so, pound investors still failed to react significantly to the data, seeing it trade slightly off its 15-month high against the US dollar.
