The growing prospect of a US interest rate cut has weakened the dollar, pushing the pound to its highest level in over a year at $1.31.
Minutes from the Federal Reserve's July meeting indicated that many policymakers found it likely appropriate to cut rates in September, depending on economic data.
Revisions to job creation figures showed 818,000 fewer jobs than expected, raising concerns about the slowing economy and boosting expectations for a rate cut.
Market analysts suggest that current pricing for significant rate cuts might be unsustainable; a rate reduction could indicate deeper economic troubles.
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