GBP/USD falls to six-month lows near 1.2550 ahead of PMI figures from both economies
GBP/USD continues to lose ground as the US Dollar appreciates ahead of the PMI release on Friday.
The unexpected drop in US Initial Jobless Claims has fueled the expectations of slower Fed rate cuts.
The UK GfK Consumer Confidence Index increased by 3 points to -18, representing its first improvement in three months.
GBP/USD extends its losses for the third successive session, trading around 1.2580 during the Asian hours on Friday. This downside is attributed to the stronger US Dollar (USD) as traders continued to evaluate the Federal Reserve's (Fed) monetary policy outlook following the unexpected drop in US Initial Jobless Claims.
The US Dollar Index (DXY), which tracks the USD against a basket of major currencies, trades near 107.00, just below its fresh yearly high of 107.15 recorded on Thursday. The US Dollar strengthened after the release of the previous week's US Initial Jobless Claims data.
US Jobless Claims fell to 213,000 for the week ending November 15, down from a revised 219,000 (previously 217,000) in the prior week and below the forecast of 220,000. This development has fueled speculation about a slower pace of Fed rate cuts.
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