British Pound holds near three-month lows, US Dollar shines as global yields surge
The British Pound (GBP) shows marginal gains against the US Dollar (USD) on Friday, with the GBP/USD pair trading just above 1.3200, yet unable to take any significant distance from the four-week lows at 1.3180 hit on Thursday.
The British Pound (GBP) struggled to move away from its four-week low of 1.3180 against the US Dollar (USD) on Friday, as investors focused on the upcoming US Nonfarm Payrolls report. The safe-haven USD gained momentum due to a decline in global bond yields, while the Fed's officials hinted at further rate hikes. GBP, the oldest currency, is controlled by the Bank of England, which seeks to maintain a 2% inflation rate through interest rate adjustments.
Data releases, such as GDP, PMIs, and employment figures, can significantly impact the Pound's value. The Australian Dollar (AUD) benefited from rising expectations of a November interest rate hike and higher global yields. USD/JPY faced challenges near 158.00, while traders prepared for the US Nonfarm Payrolls report. Gold traded near $4,200, with the upcoming US employment data expected to influence market sentiment.
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