GBP Hits Three-Week Low Amid Geopolitical Tensions and Soft Jobs Data

The British Pound (GBP) reached a three-week low against the US Dollar (USD) on Wednesday, despite softer US jobs data that signaled some cooling in the labor market.

The GBP/USD pair traded at 1.3500, after reaching a low of 1.3474. The US Dollar Index (DXY) was in red territory due to the below-estimate private hiring data for August, which came in at 38K, down from 46K in July.

However, high US Treasury yields remain a concern, boosted by Federal Reserve Chair Kevin Warsh's speech last week at Jackson Hole. He acknowledged that if prices remain high, the Fed has 'work to do.'