The British pound rose to $1.355, a three-week high, after UK labour data showed smaller-than-expected job losses in July, easing concerns about the economy. Payrolls fell just 8,000, well below forecasts of 20,000, and earlier months were revised lower, suggesting the labour market is holding up despite the Labour government's £26 billion tax increase.
Unemployment remained at 4.7%, while private-sector wage growth eased slightly to 4.8%, still above the Bank of England's 2% inflation target. The data highlights the BoE's delicate balancing act between sticky inflation and a softening labour market, following last week's narrow 25bps rate cut. Investors now focus on Q2 GDP, expected to show 0.1% growth.
Trade and geopolitics remain in focus, with a US–China tariff pause extended 90 days and a US–Russia meeting on Ukraine scheduled for Friday. Meanwhile, the US dollar weakened on inflation data fueling bets on a September Fed rate cut.
Source: Trading Economics
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