Last week started positively for Sterling, with the Pound strengthening against most major currencies through the early part of the week. However, by Friday the tone had shifted.
Sterling gave back ground against the US Dollar and edged lower against the Euro, reflecting a broader change in market sentiment rather than any single UK-specific shock.
A major driver was very weak US jobs data, which has effectively reopened the door for further Federal Reserve rate cuts in the months ahead. Markets are now much more confident that US interest rates will move lower sooner rather than later, which has helped cap Dollar strength despite occasional safe-haven demand.
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