Pound Sterling is expected to deliver more upside amid a risk-on market mood. The UK economy is seen marginally contracting in Q3 due to higher interest rates – a negative for Pound Sterling. Deepening Middle East tensions could keep the broader risk profile negative.
Employers hired 150K job seekers, which were lower than expectations of 180K and upwardly revised September’s reading of 297K. The Services PMI, which gauges activity in the US service sector – a sector that accounts for two-thirds of the US economy-declined to 51.8 against expectations of 53.0, and a 53.6 reading from September. Technical Analysis: Pound Sterling rises to near 1.2400 Pound Sterling prepares for a fresh upside above the immediate resistance of 1.
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