British Pound Jun '23 (B6M23)
British Pound Futures Market News and Commentary
The dollar index (DXY00) fell to a 2-week low on Thursday and finished down by -0.52%.  The dollar tumbled on Thursday after a weaker-than-expected US June payroll report, which dampened speculation that the Fed will tighten monetary policy anytime soon. The dollar was also under pressure on Thursday after WTI crude fell to a 4.25-month low, which lowers inflation expectations and is dovish for Fed policy.  The dollar found some support after weekly jobless claims unexpectedly declined and after May factory orders fell less than expected.
US Jun nonfarm payrolls rose +57,000, weaker than expectations of +113,000, and May nonfarm payrolls were revised lower to +129,000 from the originally reported +172,000. The Jun unemployment rate unexpectedly fell -0.1 to a 1-year low of 4.2%, showing a stronger labor market than expectations of no change at 4.3%.Â
US Jan average hourly earnings rose +0.3% m/m and +3.5% y/y, right on expectations.
US weekly initial unemployment... Read more
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