GBP Rises as Soft US Jobs Data Weighs on Dollar Ahead of Key Nonfarm Payroll Report

The British Pound rose against the US Dollar on Wednesday as the Dollar faced back-to-back days of losses following weaker-than-expected US jobs data. The ADP Employment Change report for July showed a drop in hiring from 98K to 44K, below forecasts of 70K.

Despite this, the ISM Services PMI remained in expansion territory at 54.1, but with lower employment and prices paid sub-components. Federal Reserve officials remain hawkish ahead of Friday's Nonfarm Payroll figures, which are expected to show US economy created 80K jobs in July.

The Pound Sterling has benefited from the de-escalation of the conflict between the US and Iran, as well as increased talks. The GBP/USD pair trades at 1.3467.