GBP/USD Rebounds on Softer Jobs Data and Hopes for Hormuz Deal
The British Pound rebounded against the US Dollar on Tuesday, rising by 0.14% to 1.3451. This recovery is attributed to a softer-than-expected jobs report in the US, which showed that job openings fell from 7.537 million to 7.359 million in June.
The US Job Openings and Labour Turnover Survey (JOLTS) reported a decline in vacancies across various sectors, including healthcare, wholesale trade, business services, and leisure and hospitality. However, layoffs remained little changed, indicating a balanced labour market with one vacancy for each unemployed worker.
The improved risk appetite is also contributing to the Pound's gain, as hopes of a deal between the US and Iran to reopen the Strait of Hormuz pushed oil prices lower. The West Texas Intermediate (WTI) crude benchmark fell by 4% to $76.73 per barrel.