Sterling is picking itself up from multi-month lows against the US dollar, buoyed by a better-than-expected S&P services report and weak US ADP data.
We use a range of cookies to give you the best possible browsing experience. By continuing to use this website, you agree to our use of cookies.Oct 3, 20232023-10-04 08:03:51services and composite readings for September beat original forecasts and came roughly in line with August’s readings. The accompanying report however underlined the weakness of the service sector despite beating original forecasts.
Sticking with data releases, the latest US ADP employment report missed expectations. The September report showed ‘the slowest pace of growth since January 2021, when private employers shed jobs’. Private employers added 89k jobs in September, missing expectations of +153k and August’s outturn of +177k.
The US dollar turned marginally lower after the ADP report but remains at elevated levels. US bond yields are at, or are within touching distance, of multi-year highs with the 10-year benchmark now offered at 4.76%, while the 30-year-long bond is trading with a yield of 4.88%.traded as low as 1.2040 earlier but a combination of better-than-expected UK data and weaker-than-expected US data has seen the pair move back to 1.2150.
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