British Pound futures snapped an 8-session rally on strong U.S. data.

Dan Deming breaks down today's FX markets, highlighting a shift in British Pound futures as they face selling pressure, snapping an eight-session streak of higher closes. After rallying from yearly lows to a one-and-a-half-month high, the Pound is retreating slightly to trade around 1.353. The broader currency market is also experiencing hesitation, driven by stronger-than-expected U.S. manufacturing data and persistently low weekly jobless claims, which have provided a short-term lift to the U.S. dollar. While most major FX futures, including the Euro and Japanese Yen, are trending lower, Canadian Dollar futures stand out as a notable exception, finding strength alongside a rebound in WTI Crude Oil futures.