GBP/USD dips below 1.2600 amid mixed U.S. economic data
2023.12.05 13:01
© Reuters.
LONDON – The British pound fell to weekly lows against a stronger US dollar during the American trading session Tuesday, slipping below the significant 1.2600 level. The currency pair lost about one-third of a percent in value as the greenback found support from a mixed bag of economic indicators.
The ISM Services PMI slightly outperformed market expectations, registering at 52.7, while JOLTS Job Openings saw a sharp drop to an over two-year low of 8.733 million in October, highlighting concerns about employment slack and fuelling speculation about potential changes to the Federal Reserve’s rate hike trajectory.
Investors are now shifting 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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