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Pound strengthens vs dollar amid softer US jobs data and lower oil
GBP/USD is quoted around 1.3451 after US JOLTS vacancies fell and WTI dropped 4% to $76.73 a barrel.
The British pound rebounded against the US dollar on Tuesday, rising 0.14% to about 1.3451, after US jobs data came in softer than expected even as overall labor-market strength was still confirmed, FXStreet reports.
US Job Openings and Labor Turnover Survey (JOLTS) data for June showed vacancies declining from 7.537 million to 7.359 million, below forecasts of 7.4 million, with vacancies falling in sectors including healthcare, wholesale trade, business services, and leisure and hospitality.
FXStreet also points to a narrower US trade deficit in June, down from -$77.6 billion to -$73.3 billion, and notes that the pair’s gains were supported by improved risk appetite.
Lower oil prices added pressure to the dollar, with hopes for a potential US and Iran deal linked to reopening the Strait of Hormuz weighing on crude, and WTI falling 4% to $76.73 per barrel.
Traders also trimmed expectations for further Fed tightening, with Prime Terminal data cited showing about 20 basis points of tightening by the end of the year, about four fewer than the previous day.
Latest closeWTI crude $80.00 ▼5.5%