Pound Strengthens as Soft US Jobs Data Weighs on Dollar

The British Pound has gained ground against the US Dollar as the ADP Employment Change report showed softer-than-expected hiring numbers in July.

The report revealed that the economy added only 44,000 jobs last month, falling short of the forecasted 70,000. This development is likely to weigh on the Dollar and boost the Pound's strength.

Meanwhile, the ISM Services PMI remained steady at 54.1 in July, but its sub-components showed a mixed picture - employment contracted while prices paid expanded.

Market participants expect the US economy to have created around 80,000 jobs in July and maintain an unemployment rate of 4.2%.