GBP/USD rebounds from a daily low of 1.2037, despite UK Services PMI and Composite figures indicating a contraction in business activity.
Despite the lack of supportive UK economic data, the GBP finds support amidst a generally weakening US Dollar and positive market sentiment.didn’t support the advance of Sterling, but overall weakness on the Greenback keeps most G8 FX currencies underpinned. ThePound Sterling ascends against the US Dollar, reaching 1.
In the United States, private sector hiring slowed in September, as indicated by the ADP Employment Change report, with a gain of 89,000 jobs. This figure was below the estimated 153,000 jobs and declined from August 177,000. Additionally, the ISM Non-Manufacturing PMI reported a business activity index of 53.6 in the services sector for September, which was as expected but decreased from the previous month's reading of 54.5.
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