GBP Dives as Strong US Jobs Data Boosts Dollar

The British Pound (GBP) took a hit on Thursday, sliding by over 0.44% against the US Dollar as business activity in the manufacturing sector remained solid and US jobs data confirmed the strength of the labor market.

This led to higher US yields and a stronger US Dollar, pushing the GBP/USD pair down to its lowest level since June 26 at 1.3182 before rebounding slightly to 1.320 at the time of writing.

The Pound's decline was further exacerbated by soft UK manufacturing activity data and a dismal market mood, with Brent Oil prices returning above $100.