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The British Pound is losing ground against the US Dollar for the second day in a row as pressure mounts on fresh UK employment data.

GBP/JPY briefly ticked into a new multi-week high above the 186.00 handle on Tuesday as the Japanese Yen (JPY) saw broad-market declines and the Pound Sterling (GBP) caught a brief ride up the charts after UK labor figures showed more jobs added in December than the previous month.

Annual growth in employees’ average total earnings, including bonuses, fell to 6.5% between September and November 2023, according to the ONS.

The UK’s unemployment rate for the period from August to October 2023 was largely unchanged on the quarter at 4.2%, according to alternative estimates from the Office for National Statistics.