June ADP employment growth missed estimates at 98K, easing USD pressure and lifting the GBP/USD pair despite Fed hawkishness.
The British Pound gained 0.14% against the US Dollar, trading at 1.3277 after dipping to 1.3219 earlier. The move followed softer-than-expected US jobs data, which offset broader USD strength and hawkish remarks from Fed Chair Kevin Warsh.
US ADP employment rose by 98K in June, below the 113K estimate and May’s 122K print. Meanwhile, Challenger job cuts fell 53% month-over-month to 45,849, though annual layoffs dropped 40% from the prior year. Warsh reiterated the Fed’s focus on inflation but offered no forward guidance.
The US Dollar Index (DXY) remained near 101.34, up 0.17%, as markets digested mixed labor data and political developments in the UK.