Pound Sterling Recovers Amid Weak US Data

The Pound Sterling (GBP) staged a partial recovery against the US Dollar (USD) on Tuesday as weak US data weighed on demand for the 'Greenback'. The British currency had been rangebound earlier in the day, but a pair of disappointing US economic releases, including a weaker-than-expected ISM manufacturing PMI and July's JOLTs job openings, undermined support for the USD. This weakness was evident in the oil price surge prompted by renewed tensions between the US and Iran. The Pound (GBP) is now trading at around $1.3546, little changed from Tuesday's opening levels. With the UK economic calendar offering little of significance, Sterling is likely to take its direction from broader market sentiment and developments elsewhere in the currency market.