GBP Rallies Against USD Amid Softer Jobs Data and Crude Oil Decline
The British Pound (GBP) has staged a recovery against the US Dollar (USD), rising by 0.14% to trade at 1.3451. This rebound comes as a softer-than-expected reading on US jobs data and declining oil prices weighed on the Greenback.
The June Jobs Openings and Labor Turnover Survey (JOLTS) showed a dip in job openings, falling from 7.537 million to 7.359 million, below forecasts of 7.4 million. This decline was largely driven by a slowdown in healthcare, wholesale trade, business services, and leisure and hospitality.
Despite the softer jobs data, layoffs remained little changed, indicating a balanced labor market with one vacancy for each unemployed worker. Meanwhile, oil prices have plummeted 4% to $76.73 per barrel, as hopes of a US-Iran deal on reopening the Strait of Hormuz lifted risk appetite.
The decline in crude oil has contributed to the Greenback's fall, alongside traders trimming Fed-hawkish bets and reducing expectations for interest rate hikes.