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Fri 19 Jul 2024 12:29GMT

GBP Declines on Trade Stats, US Dollar Lower after Jobs Report, Euro Gains

Published: 7 Nov at 6 PM Tags: Euro, Dollar, Pound Sterling, America, UK, Eurozone, Australian Dollar, New Zealand Dollar, Canadian Dollar, Australia, New Zealand, USA, Canada, Germany,

Pound Sterling
On Friday the Pound came under pressure as the UK trade deficit was show to have widened in September. This disappointing report followed lacklustre UK Services and Construction PMI published earlier in the week. Both the Pound to US Dollar and Pound to Euro exchange rates softened before the weekend.

US Dollar
With the highly-anticipated US non-farm payrolls report showing that the US added fewer-than-forecast positions in October, the US Dollar posted broad-based declines. While the US unemployment rate did decline to 5.8%, the nation’s average earnings disappointed and private payrolls fell short.

The Euro advanced against several of its currency counterparts after German exports climbed by considerably more than anticipated, causing the nation’s trade surplus to widen. The common currency clawed back recent losses against both the Pound and Euro. The EUR/USD exchange rate was able to extend gains after the US employment figures left investors cold.

Australian Dollar
The Australian Dollar was supported overnight after the Reserve Bank of Australia published its policy statement. The central bank stated that interest rates will remain on hold for the foreseeable future, pushing the ‘Aussie’ higher against the US Dollar Pound and Euro.

New Zealand Dollar
A lack of domestic data limited ‘Kiwi’ movement overnight and the asset was holding steady against most of its peers ahead of the US Non-Farm Payrolls report. With the US adding fewer positions than expected, the NZD/USD exchange rate bounced higher before the weekend.

Canadian Dollar
The Canadian Dollar rallied across the board thanks to a shock tumble in Canada’s unemployment rate. The level of joblessness in the nation fell from 6.8% to 6.5%, surpassing estimates of a 6.9% figure. Canada added 43,100 positions in October.
As of Friday, 7th November 2014, the Pound Sterling currency rates mentioned within this news item were as follows:

GBP EUR exchange rate was 1.2744, GBP USD exchange rate was 1.5874, GBP AUD exchange rate was 1.8381, GBP NZD exchange rate was 2.0476, and GBP CAD exchange rate was 1.7985.
Dominic Lee About Author: (474 Posts)With over ten years experience as an economist – including four years spent as a chief economist with a major currency broker – Dominic has acquired a wealth of knowledge which he uses to forecast market movements. Dominic now works as an independent business advisor and writes for several financial publications.

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