News Maker 23

The Pound Sterling held steady against the US dollar during Thursday's trading (Aug 6). GBP/USD hovered around 1.3466 after briefly dipping to the 1.3404 level, indicating that selling pressure was beginning to ease.

The dollar found support after US weekly jobless claims came in at 199,000, lower than the forecast of 202,000. This figure suggests the US labor market remains robust ahead of the Nonfarm Payrolls (NFP) release.

Corporate layoff figures also fell by 27% to approximately 33,000 in July—the lowest level since July 2024. A solid labor market could allow the Federal Reserve to focus more on curbing inflation and maintaining a high-interest-rate policy.

Markets are now awaiting the NFP report, which is expected to show an increase of 80,000 jobs—nearly double the figure from the previous month. The unemployment rate is projected to remain at 4.2%.

Geopolitical sentiment is also influencing GBP/USD movements. Reports indicate that Iran and Oman discussed shipping regulations in the Strait of Hormuz, though Tehran has denied reports of direct talks between the US and Iran.

Newsmaker Analysis: GBP/USD is holding its ground, but its next direction will be determined by the NFP data. Stronger-than-expected labor data could boost the dollar and weigh on the pound, whereas a weak NFP report could drive GBP/USD higher. The 1.3400 area serves as a key support level, while 1.3500 acts as the immediate resistance. (arl)

Source: Newsmaker.id