10/02/2020

Strong US data lifts dollar


USD

The dollar ended the week strongly on Friday as non-farm payrolls came in above expectations, the latest in a raft of upbeat US data. The report showed that non-farm payrolls had increased by 225,000 jobs last month, way higher than the predicted 160,000 jobs. The construction sector was a particularly big instrument in this, with employment at construction sites increasing by the most in a year. Such positive data should keep interest rates steady for the time being, with the US economy buoyed by a week of strong data.

GBP

The Pound may have strengthened on Friday, but the week ended with sterling having its biggest weekly fall since the December General Election. This was largely due to Investors pricing in the risk of Britain dropping out of the EU at the end of the transition period without a trade deal. Sentiment on this worsened as the week went on after Prime Minister Johnson said that Britain would not obey EU regulations after the transition period.

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