GBP/USD pulls back to 1.3425 as the US Dollar gains 0.2% ahead of the October NFP release, which is expected to show 70k new jobs and influence Fed policy.
The Dollar Index is already 0.2% higher near 101.77 ahead of October NFP at 13:30 GMT on Nov 6. Consensus of 65k-70k jobs after 29k in September, plus stronger-than-expected JOLTS and ADP data, raises the risk of further Fed tightening, which supports the Dollar.
Markets expect about 70k jobs added in October, up from 29k in September, with the report due at 13:30 GMT on Nov 6.
The pair has pulled back from 1.3500 to 1.3425 as the Dollar rebounds 0.2% ahead of October NFP at 13:30 GMT on Nov 6. Markets expect 70k jobs after 29k in September, and strong JOLTS/ADP point to upside risk for USD via Fed tightening. Support sits at 1.3409/1.3372, but a strong payrolls print would weigh on the pair.
The US Dollar is bouncing ahead of the October Nonfarm Payrolls report due at 13:30 GMT on Nov 6, pulling the pair back from around 1.3500 to near 1.3425.
A reading above the expected 65k-70k jobs would likely be bullish for the US Dollar and push GBP/USD lower, as it raises the risk of further Fed tightening.
The British Pound faces selling pressure against the US Dollar, retreating from the 1.3500 level to 1.3425 ahead of today's critical US Nonfarm Payrolls report. Markets anticipate a rebound to 70k jobs in October, with strong labor data fueling expectations for further Federal Reserve tightening.
The US Dollar is bouncing ahead of the October Nonfarm Payrolls report due at 13:30 GMT on Nov 6, pulling the pair back from around 1.3500 to near 1.3425.
A reading above the expected 65k-70k jobs would likely be bullish for the US Dollar and push GBP/USD lower, as it raises the risk of further Fed tightening.