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Pound holds steady as Treasury yields push GBP/USD near 1.3200

FXStreet reports the 10-year U.S. Treasury yield hit 5.35% on Monday, and bets for an October Fed hike fell to about one in five.

Reported · Written up by our desk · Major Pairs

The pound remained range bound against the U.S. dollar as rising long term Treasury yields kept the dollar supported, according to FXStreet. GBP/USD has stayed in the same range it has traded in since September 24, with Monday's trading range contained within Friday's.

FXStreet said the odds of an October Fed hike have dropped from about two in three in late September to roughly one in five. GBP/USD was trading just above 1.3200, after the 10 year Treasury yield touched 5.35% on Monday, its highest since April 2002.

FXStreet added that a Friday weak jobs report reduced Fed hike expectations, while other data were mixed. The ISM services index came in a tenth under forecast, but its prices component rose to 74.

The outlet also linked pound relative strength versus the euro to the pair's stability. FXStreet noted the pound traded near its strongest level of 2026 against the euro, while EUR/USD moved to a new low on Monday.

Latest closeEUR/USD 1.123 ▼0.2%|GBP/USD 1.323 ▲0.2%

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