The dollar has reached a month’s low against the pound, as investors turn to European economies reopening with lower infection rates and tension with China continuing to rise. The US trade deficit has widened to the largest gap in eight months, according to yesterday’s figures, with exports dropping to their lowest reading in ten years.
Initial jobless claims also came in higher than expected, although still down on the previous month’s high. Today, we will see non-farm payrolls, forecast to show a small recovery, and unemployment, which seems likely to have almost hit 20%, in a reflection of the impact on the American economy of the coronavirus pandemic.
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