Dollar drops for 3 weeks meanwhile the pound steady after UK election

The U.S. dollar hovered near three-week lows, anticipating the release of payrolls data that could influence the outlook for interest rates. Meanwhile, the pound remained firm as the Labour party seemed poised to secure a significant majority in the UK general election.

Sterling (GBPUSD) was last at $1.27575, little changed in early trading and not far from a three-week high of $1.27765 touched. It is up 0.9% for the week, marking its best weekly performance since mid-May and remains the strongest-performing major currency against the dollar this year, with a gain of 1.2%.

Read more to find out about the pound currency performance.