Sterling falls after UK wage growth slows

The pound fell on Tuesday after data showed the growth in British wages slowed in November, supporting bets that the Bank of England will cut interest rates sharply this year. Sterling was last down 0.41% at $1.2675, having traded around 0.3% lower at $1.2683 before the figures were released.

Average earnings excluding bonuses rose 6.6% year-on-year in November, down from 7.2% in October.

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