British Pound Gains as Soft ADP Data Weighs on Dollar Ahead of NFP
The British pound rose 0.12% on Wednesday as the US dollar weakened following softer-than-expected US jobs data, despite solid services sector activity. Traders await Friday’s nonfarm payrolls report.
Sterling edged higher against the dollar midweek, with GBP/USD advancing around 0.12%. The greenback posted back-to-back losses after the ADP employment report came in below expectations, signaling a cooling labor market.
Meanwhile, the services sector continued to expand solidly, offering a mixed picture of the US economy. The softer jobs data pushed the dollar lower, providing support for the pound.
Market focus now shifts to the upcoming nonfarm payrolls (NFP) release, which could set the near-term direction for the currency pair.
Source: FXStreet Forex News