GBP Gains Against USD on Softer US Data and Reduced Fed Tightening Expectations

The British Pound gained strength against the US Dollar on Tuesday, climbing by around 0.14% to trade near 1.3451 after recovering from an intraday low of 1.3419.

This upward move was driven by softer-than-expected US economic data, which eased expectations of aggressive Federal Reserve tightening while maintaining confidence in the resilience of the US labor market.

Fresh data from the US Job Openings and Labor Turnover Survey (JOLTS) showed that job openings declined to 7.359 million in June, down from 7.537 million in the previous month and slightly below market expectations of 7.4 million.

The decline reflected reduced hiring demand across several industries, including healthcare, wholesale trade, business services, and the leisure and hospitality sectors.