According to Jinshi Data, Francesco Pesole, a foreign exchange strategist at ING Bank, said that the UK employment data released on Tuesday may be weaker than expected, but this may not have a substantial impact on the pound.

He noted that employment data was likely to be revised upwards in the coming months, with the Bank of England taking a relaxed view of a slowing jobs market at its meeting last Thursday and grudgingly approving an interest rate cut.

These factors mean that the market is likely to treat the data with more caution.