Pound Rallies as Weak US Hiring Knocks Out October Fed Hike Bets

The British Pound Sterling has rebounded against the US Dollar by over 0.41% on Friday, after a worse-than-expected Nonfarm Payrolls report for September sent shockwaves through markets.

The Unemployment Rate rose from 4.1% to 4.2%, while the economy added just 29K to the workforce, well below estimates of 90K.

This has pushed markets firmly toward a Federal Reserve hold on interest rates in October, with odds now at 79% and pricing out a rate hike by the Fed, according to Prime Terminal.