GBP Slips as US Jobless Claims Data and Hawkish Fed Comments Boost USD
The British Pound has slipped for the second consecutive day due to solid US jobless claims data and hawkish comments from Federal Reserve officials.
According to the latest numbers, Initial Jobless Claims for the week ending August 22 came in at 203K, below forecasts of 208K. This suggests that layoffs remain low, further supporting the Greenback.
Fed officials have been weighing in on the matter, with Kansas City Fed Jeffrey Schmid describing inflation as 'still stubborn' and 'still sticky'. Meanwhile, Chicago Fed's Austan Goolsbee identified inflation as his top concern, and Cleveland Fed's Beth Hammack stated that 'now is the time to act given the persistence of inflation.'
The GBP/USD trades at 1.3588, with immediate resistance emerging at the former rising trend-line break near 1.3631.