Not a positive start of the week for the US dollar, sliding by as much as 0.6% against some rivals, notably JPY, and this morning hitting its lowest against GBP for over a year.
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The single currency had a broadly positive day yesterday, strengthening against all but the Japanese yen. Since mid last week it has gained well over 1% against the US dollar.
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Sterling swung sharply upwards this morning following data on unemployment and earnings. It is currently close to 0.80% up on the US dollar compared to yesterday, at its strongest for 15 months.
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Monday morning saw a sharp dip for sterling against most major currencies. However, it was largely recovered against the euro by the end of the day, and indeed the losses reversed against the US dollar and the renminbi.…
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The pound soared close to 0.9% against the US dollar on Friday as the US unemployment rate fell to 3.6% in June, slightly below expectations of 3.7%. Against the euro, the pound gained close to 0.25% on Friday…
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On Tuesday this week, the UK unemployment rate for May is expected to increase to 3.9% from 3.8% in April. The average earnings index (including bonuses) is expected to have risen 6.8% in May, up from 6.5% in…
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Late last week economists heard industrial production declined by 0.2% month-over-month in May 2023 to their surprise. This deviated from the market forecasts of a flat reading and followed April’s 0.3% rise.
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US stocks plummeted on Friday as the US economy added 209,000 jobs, while the unemployment rate fell back to 3.6%. However, traders are 95% sure that July will bring a 25 basis-point hike from the Federal Reserve.
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