GBP/USD Falls to Weekly Lows Against Stronger US Dollar
British Pound Slips Below 1.2600 During American Trading Session
The British pound experienced a decline to weekly lows against the US dollar during the American trading session on Tuesday. The currency slipped below the significant 1.2600 level, losing approximately one-third of a percent in value as the greenback found support from a mixed bag of economic indicators.
ISM Services PMI Outperforms Market Expectations
The ISM Services PMI slightly outperformed market expectations, registering at 52.7. This positive development was overshadowed by the sharp drop in JOLTS Job Openings, which fell to a two-year low of 8.733 million in October. The decline in job openings has raised concerns about employment slack and fueled speculation about potential changes to the Federal Reserve’s rate hike trajectory.
Investors Shift Focus to Key Economic Releases
Investors are now turning their attention to Wednesday’s key economic releases, including the ADP Employment Change report and the Bank of England’s Financial Stability Report. These announcements are expected to provide further insight into the health of the job market and financial stability in the UK, respectively.
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