Sterling drops after data shows UK job market cooling

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LONDON, Oct 17 - Sterling fell on Tuesday after data showed that growth in British workers' regular pay slowed from a previous record high and job vacancies also declined, with a softer labour market boosting the chance the Bank of England will hold rates unchanged.It was down 0.4% against the euro at 86.75 pence, just off an almost two-week low touched on Monday.

The publication of some labour market data, including the unemployment rate, was delayed until next week. "The pound has suffered sharp losses this morning, following the release of annual earnings data that saw wage growth outstrip inflation for the first time since October 2021," said Joshua Mahony, chief market analyst at Scope Markets.

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