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British pound edges higher versus dollar as DXY pulls back
GBP/USD was about 0.14% lower at 1.3235, as traders watched upcoming US JOLTS and nonfarm payrolls for clues on Fed rate expectations.
The British pound recovered some early losses against the US dollar on Tuesday, trading around 1.3235, which still left GBP/USD down about 0.14% during the European session, according to FXStreet.
FXStreet said the pair’s small rebound coincided with the US Dollar Index retreating from a two month high near 101.50 to around 101.35, while traders increasingly priced in additional Federal Reserve interest rate hikes this year.
The next focus for the dollar is the US JOLTS Job Openings report for August, due at 14:00 GMT, where FXStreet noted a forecast for 7.23 million fresh job openings, slightly below 7.271 million in July.
FXStreet added that US nonfarm payrolls are set for Friday and are expected to significantly influence Fed rate expectations, while the pound struggled to gain ground despite “hawkish” Bank of England repricing and swaps market pricing for about 100 bps of further BoE rate hikes.
Latest closeGBP/USD 1.325 ▲0.1%|Dollar index 101.25 ▲0.3%