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Pound Sterling Price News and Forecast: GBP/USD rises as soft ADP jobs report weighs on Dollar, NFP looms
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FXStreet Forex & Commodities News
British Pound rises as soft ADP jobs report weighs on Dollar, NFP loomsThe Pound Sterling (GBP) advances some 0.12% on Wednesday as the US Dollar (USD) registers back-to-back days of losses, after US jobs data was softer than expected, even though business activity in the services sector continues to expand solidly.
Traders brace for the US ADP Employment and ISM Services Purchasing Manager Index (PMI) reports, which are due on Wednesday.
Markets might turn cautious later this week ahead of the US July jobs data.
Read More...British Pound weakens as US Dollar gains despite easing safe-haven demandGBP/USD edges lower after registering modest gains in the previous day, trading around 1.3450 during the Asian hours on Wednesday.
The currency pair came under selling pressure as the US Dollar (USD) gained momentum, bolstered by a rebound in the benchmark 10-year US Treasury yield, which had dipped toward 4.61% on Tuesday.