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Forex

GBP/USD Surges Amid Weak US Labour Market Report

Guavy AI Editorial Team
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USD GBP
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The GBP/USD currency pair has started the week on a strong footing, trading near its highest level since July 15. This comes after a weak US labour market report reduced expectations of a Federal Reserve rate hike in September.

A sharp decline in oil prices has also supported sterling, easing inflation risks and reducing pressure on the UK economy.

Geopolitics remains a key factor, with Donald Trump announcing progress in negotiations between Iran and Oman regarding the Strait of Hormuz. However, no final agreement has yet been reached.

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