The British pound experienced a notable increase against the US dollar, which is currently one of the weakest currencies following the release of the Non-Farm Payroll (NFP) job report. The report's data fell short of expectations, leading to a rise in GBPUSD of over 1.50%. The FTSE 250 index has also climbed for the sixth consecutive day, reflecting a renewed interest in UK assets.
Dollar weakness following today's release of NFP data from the US. Source: xStation 5
Market participants are now fully anticipating two rate cuts from the Bank of England next year, even though Governor Andrew Bailey suggested otherwise in a recent interview.
GBPUSD pair has surged to a six-week high, breaking through key technical resistance levels. The currency pair shows short-term strength. Source: xStation 5
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