Pound Resists Strong US Jobs Data Ahead of NFP

The British Pound stabilized against the US Dollar during the North American session on Thursday, despite strong US jobs data. The GBP/USD pair traded at 1.3466 after bouncing off daily lows of 1.3404.

The US Department of Labor reported that Initial Jobless Claims for the week ending August 1 came in at 199K, exceeding the prior week's print but below estimates of 202K. This marks a two-year low in jobless claims.

The Federal Reserve is expected to remain focused on tackling high inflation, which has remained above the 2% goal for five years. The Nonfarm Payrolls report, due out on Friday, is projected to come at 80K, almost double June's print, with the Unemployment Rate expected to remain steady at 4.2%, below the Fed's target.