High UK unemployment, ongoing strikes weigh on pound

In the Asian session on Wednesday (May 17), the latest price of GBP/USD was 1.2485, and the opening price was 1.2486. High unemployment in the UK and ongoing strikes have weighed on the pound.

Recently, British railway workers, airport staff, and teachers are all on strike, which has also impacted the British economy and has become a negative factor for the pound. According to data released by the Office for National Statistics on the 16th, in the three months to March 2023, the unemployment rate in the UK rose to 3.9% from the previous 3.8%. The number of applicants for unemployment benefits in the UK in April was 46,700, compared with 28,200 in the previous month.

GBP to USD closed down 0.34% at 1.2485 on Tuesday.