Group 1: Currency Movements - The Pound Sterling (GBP) reached seven-month lows near 1.3000 against the US Dollar (USD) before recovering some ground due to buyer intervention [1] - The USD strengthened significantly, reaching its highest level in five months against six major currency rivals, driven by safe-haven flows [1] - The GBP/USD pair faced downward pressure from broad USD strength, challenging the 1.3000 psychological level before staging a recovery later in the week [4] Group 2: Market Sentiment and Economic Data - A "sell everything" theme emerged in the market as traders reacted to a correction in global indices following an AI-driven rally, leading to declines in US tech stocks and gold sales to cover equity losses [2] - The USD found support from reduced expectations of a December interest rate cut by the US Federal Reserve, following strong private sector employment and services activity data [3] - US private payrolls increased by 42,000 jobs in October, surpassing expectations, while the ISM Services PMI rose to 52.4, indicating solid new orders [4] Group 3: Labor Market Concerns - Concerns about the weakening US labor market were reignited, with a 183.1% monthly surge in layoffs reported, marking the worst October in over two decades [5] - The odds of a Fed rate cut next month increased to 69% following the latest jobs data, compared to a previous estimate of 62% [6] - The Bank of England maintained its key Bank Rate at 4%, with a narrow 5-4 vote, indicating that future rate cuts will depend on inflation outlook [6][7]