The pound continued to lose ground against the dollar today with currency pair falling to its lowest level since 23rd April. GBP/USD slipped to a low of $1.5110 this afternoon meaning the cross has dropped by around 3.3% in the last two weeks.
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Job numbers help boost the dollar.
One of the main factors behind the dollar's rise today was the release of the latest private-sector jobs data. The data release showed that private employers in the U.S added 200,000 jobs in September, beating the forecast of 192,000.
The dollar immediately strengthened on the back of the news as investors increased their bets on the U.S. Federal Reserve increasing interest rates before the turn of the year.
All eyes will now turn to Janet Yellen when she speaks this evening at the Federal Reserve's annual community banking conference and the U.S. Non-farm payroll numbers on Friday afternoon.
If Chair Janet Yellen is hawkish in her speech this evening and we see a positive jobs reading on Friday it is highly likely we will see the dollar continue to gain momentum. With GBP/USD declining so much over the past couple of weeks it is possible we could see the currency pair drop below $1.50 before the weeks is out.
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