Pound Surges as Dollar Weakens on Shocking NFP Report

The British pound has pushed against the psychologically significant 1.3500 level against the U.S. dollar, as the greenback remains under pressure following a weak U.S. jobs report.

The nonfarm payrolls data showed the weakest job creation in months, rekindling concerns about the resilience of the U.S. labor market and fueling speculation that the Federal Reserve may need to cut interest rates sooner than previously anticipated.

Traders have repriced rate-cut odds, with futures markets now implying a higher probability of a move at the next Fed meeting, which has weighed heavily on the dollar and provided a tailwind for the pound and other major currencies.