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USD Supported by Friday’s US Non-Farm Payroll Report

Friday’s high: $1.3108

Friday’s low: $1.3042

Pound Remains near Worst Levels Vs ‘Greenback’

After plunging on Thursday in reaction to November’s Bank of England (BoE) policy decision, the Pound to US Dollar exchange rate continued to trend near its worst levels heading into the weekend.

Demand for the US Dollar remained sturdy enough to keep the Pound down, despite the latest US Non-Farm Payrolls report coming in slightly short of expectations.

October’s US participation rate unexpectedly dropped from 63.1% to 62.7% and the change in payrolls came in at 261k, below the forecast 310k. However, figures for September and August were positively revised and the headline unemployment rate declined.

USD Outlook: Quieter Eco-Calendar Ahead

Economic data is unlikely to have a massive impact on the Pound to US Dollar outlook in the coming days, so the pairing could spend the week trending in a fairly narrow range as long as there are no Brexit surprises.

The only data of note will be next Friday’s UK trade data and production stats, as well as jobless data and Michigan consumer sentiment from the US.

Key Events

9th November

13:30 US Jobless Claims

15:00 US Wholesale Inventories

10th November

09:30 UK Balance of Trade

09:30 UK Manufacturing and Industrial Production

09:30 UK Construction Output

15:00 US Michigan Consumer Sentiment

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To keep up to date with the US Dollar, visit the USD blog in our Currency News section.

Arron Morris

Senior Currency Broker
T: 01442 892 065

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