GBP Rebounds as Soft US Data Weighs on Greenback

The Pound to US Dollar exchange rate rebounded on Tuesday after underwhelming US economic data was released. The latest numbers showed that last month's ISM manufacturing PMI and July's JOLTs job opening data both printed below forecasts.

The UK's Pound initially traded sideways against major rivals, but the sharp surge in UK borrowing costs, with benchmark 10-year gilt yields climbing to around 5.24%, their highest levels since 2008, may keep the Sterling firm.

Looking ahead, the primary catalyst of movement for the Pound to US Dollar exchange rate on Wednesday may be the publication of the latest US ADP employment figures, which are forecast to show employment growth remains sluggish.