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Pound declines on weak UK jobs
The British pound has declined against the dollar due to the weak UK jobs report, which showed a decrease of about 34,000 private sector jobs in August. Employment in the hospitality and retail sectors also fell by more than 3% annually. This comes amid a strong dollar, driven by rising US Treasury yields reaching 5%, and markets preparing for the Federal Reserve’s upcoming decision on interest rate hikes. Expectations remain that the dollar will continue to be strong, exerting a negative impact on the British pound and the euro.
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