GBP Slips to 1.32 as Strong US Economy Defies Weak Consumer Confidence

The British Pound (GBP) has slipped to 1.32 against the US Dollar (USD), despite weak confidence in the US economy.

The USD extended its gains, reaching levels not seen since 2004, with the 10-year Treasury yield rising to 5.285%. This has put pressure on the GBP/USD pair, which is now trading at 1.3205.

The Conference Board reported a decline in US consumer confidence to 81.9, the lowest level since 2014, citing concerns over high living costs and oil prices.

However, other data revealed that job openings fell in August, but layoffs remained low, suggesting that the US labour market can withstand further tightening by the Federal Reserve.