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Pound Declines on Weak Jobs Data
The British pound continued to decline today, Tuesday, following the release of a weak report on the UK labor market that increased pressure on the currency amid the strength of the U.S. dollar. The GBP/USD pair fell to 1.3470 dollars, a decrease of 0.23%, and against the euro, it dropped to 1.1537 dollars, down by 0.11%. Data showed a decline of about 34,000 private sector jobs in August, with annual employment decreases in the hospitality and retail sectors exceeding 3%. Analysts explained that the pound's decline is mainly due to the strength of the dollar, driven by rising U.S. Treasury yields and ongoing expectations of interest rate hikes by the Federal Reserve. Meanwhile, the Bank of England is anticipated to keep interest rates unchanged, with wage growth remaining steady around 2.9%.
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