Sterling gains 0.41% to trade at 1.3250 as soft US labor data triggers a retreat in the Greenback and shifts market expectations for Federal Reserve policy.
The GBP/USD pair appreciated by over 0.41% as market sentiment shifted following the release of September's Nonfarm Payrolls report. The data revealed a higher-than-expected US Unemployment Rate, which weakened the US Dollar by tempering expectations for a Federal Reserve interest rate hike in October.
The rise was driven by a weaker-than-expected US Nonfarm Payrolls report and an increase in the US Unemployment Rate.
The pair is trading at 1.3250 after recovering from daily lows below 1.3200.
The British Pound climbed 0.41% against the US Dollar on Friday, reaching 1.3250 following a disappointing US Nonfarm Payrolls report. The weaker labor market data fueled speculation that the Federal Reserve may temper its aggressive interest rate path, providing a lift to Sterling.
The pair rose because the US Nonfarm Payrolls report for September missed expectations, leading investors to scale back their bets on a Federal Reserve interest rate hike in October.