Pound Sterling Today: US Dollar Firmer Against Its Peers
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The US dollar surged after strong US jobs data, pushing EUR/USD to 8-week lows around 1.0770 and GBP/USD to 1.2615. Fed Chair Powell's comments lowered the likelihood of a March rate cut to around 17%. Monday's focus is on ISM services data and banking sector health. Pound vulnerability remains tied to equity market pressures and BoE commentary on rate cut timelines. Pound to Euro exchange rate (GBP/EUR) is 1.17235 (+0.13%), Pound to Dollar exchange rate (GBP/USD) is 1.2619 (-0.02%). Traders will monitor near-term data for evidence on the overall economy and labor-market trends. The Reserve Bank of Australia is expected to hold interest rates at 4.35%. GBP/USD hit 10-day lows at 1.2600 on Monday. Bank of England chief economist Pill is likely to repeat that it is too early to consider a rate cut.
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