GBP Rallies as US NFP Data Falls Short

The British Pound has climbed above $1.3500 after weak US Nonfarm Payrolls data was released, showing that the US economy lost 23,000 jobs in July.

This is well below market expectations for an increase of 80,000 jobs and also revision lower to June's gain of 20,000 from 57,000.

The Unemployment Rate unexpectedly fell to 4.1% from 4.2%, but the weak payroll figures weigh heavily on the Greenback and US Treasury yields.

The US Dollar Index (DXY), which tracks the Dollar against six major currencies, trades around 99.50, down nearly 0.45% on the day.