Forex
Home›Forex›Major Pairs›Pound holds near 1.3460 as traders await US employment…
Pound holds near 1.3460 as traders await US employment data
GBP/USD stayed within about a 100-pip range, while expectations for a September Fed rate hike were cut to 54% from 67% earlier this week.
The British pound traded slightly lower versus the US dollar on Thursday, with GBP/USD around 1.3460, down from Wednesday’s high near 1.3486, according to FXStreet.
The pair was largely contained within a 100-pip band, with upside capped below 1.3500 and buyers defending the area above 1.3400, as a weaker US dollar helped support dips.
FXStreet said sterling gained some backing earlier from an upward revision to July’s S&P Global Services PMI and a softer US employment data point that raised doubts about Friday’s nonfarm payrolls report.
On the rate backdrop, FXStreet reported that traders trimmed expectations for a September rate hike to 54% from 67% after lower US Treasury yields reduced support for further Federal Reserve tightening, adding that MUFG flagged concerns about Fed independence tied to reported repeated meetings between President Donald Trump and Fed Chair Kevin Warsh.
Latest closeGBP/USD 1.347 ▲0.3%