GBP/USD rises to its highest level since mid-July as weak US jobs data dampens Fed rate hike expectations.
GBP/USD opened the week near 1.3500, marking its strongest level since 15 July. The move extends sterling’s gains following a sharp dollar sell-off triggered by a weaker-than-expected US labor market report.
The pair’s advance reflects reduced bets on a Federal Reserve rate hike, as softer jobs data eased concerns over aggressive monetary tightening. Prior to this, GBP/USD had traded in a narrower range, struggling to break above 1.3000 for much of July.
No immediate market reaction was detailed, but the shift in Fed expectations continues to drive currency flows.