Sterling holds near 1.3450 after US private payrolls miss consensus
The Pound Sterling has failed to break its range despite a weak US labour market report. US private payrolls added 44K jobs, less than half of June’s 98K and below the 70K consensus.
The US labour market data also showed the Institute for Supply Management services employment index dropping to 47.4 from 51.2, indicating contraction. However, the prices paid index rose to 70.3 from 67.7, and the headline index increased to 54.1.
The weak labour data has trimmed odds on a September interest rate increase, which has supported the Pound Sterling. The currency has added fourteen pips against the US Dollar following the release of the labour market report.