Investing.com - The pound remained slightly higher against the dollar on Wednesday after the latest UK jobs report showed that wage growth stagnated, underlining concerns that consumer spending will be eroded as Brexit negotiations get underway.
GBP/USD was at 1.2501 by 09.19 GMT, holding below the day’s highs of 1.2519.
The Office for National Statistics said average earnings including bonuses rose by an annualized 2.3% in the three months to February, unchanged from the previous period.
Excluding bonuses, average wages rose by 2.2%, slowing from 2.4% in the previous three month period.
The unemployment rate remained steady at an 11-year low of 4.7% the ONS said.
The number of people claiming unemployment benefit rose by 25,500 to 765,400 in March, the largest increase since July 2011.
The jobs report came a day after figures showing that the annual rate of inflation in the UK remained steady at 2.3% in March.
Inflation has been rising in recent months as the fall in the pound since the Brexit vote last year has pushed up import prices and fed through into shop prices.
Sterling was little changed against the euro, with EUR/GBP at 0.8489.
The pound steadied after falling to five-month lows against the yen overnight, with GBP/JPY edging up 0.12% to 137.08.
Demand for the yen continued to be underpinned as concerns over U.S. military action against Syria and North Korea along with worries over the French presidential election spurred investors to move money into assets perceived as less risky.