Source - SMW
UK average earnings rose 1.7% in the three months through April, which was their slowest annual pace in more than two years, data from Office for National Statistics showed.

At 9.42am, sterling was down 0.03% to $1.2750 and off earlier highs.

On Tuesday, separate data revealed the UK consumer-price index, a measure of inflation, rose 2.9% in the May year.

The rise in inflation had much to do with sterling's plunge after the non-binding Brexit referendum in mid 2016.