Pounds rise and US Dollar's Trump Slump

Pounds rise and US Dollar's Trump Slump

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The pound commanded attention yesterday after Britain scored a Hatrick of good news when the Office of National Statistics (ONS) released figures showing  lower unemployment, more jobs and higher wages, as the economy continues to beat forecasts of a downturn sparked by Brexit.

The unemployment rate is now 4.7 per cent - the lowest level since 1975 - with 1.56million jobless people in the three months to February, 141,000 fewer compared to the same period last year.

There are 31.84 million people in work, 312,000 more than a year earlier, bringing the employment rate to 74.6 per cent - its highest level since records began in 1971.

At the same time, wages are now 2.3 per cent higher including bonuses, and 2.2 per cent excluding them, from the same period last year.

Elsewhere, the dollar continued its recent losing streak and closed the day lower against majority of its peers as geopolitical concerns continued to trigger risk-aversion. Despite dollar's broad-based recovery early in the trading session, bearish USD comments by Donald Trumps knocked the greenback to sessions lows near the close of play.

Reuters reported President Donald Trump said on Wednesday that the dollar was "getting too strong" and would eventually hurt the U.S. economy, even as he said he would like to see interest rates stay low, the Wall Street Journal reported.

In an interview, Trump also said he would not label China a currency manipulator in a U.S. Treasury report due later this week, the Journal said. He also said he respected Federal Reserve Chair Janet Yellen, saying she was "not toast" when her current term ends in 2018.

The euro gave up some ground after ECB Governor Draghi admitted that they may have been too early to call the pickup in inflation. A couple of policymakers echoed this sentiment in the ECB meeting minutes. German factory orders came in line with estimates of a 3.4% gain and industrial production and trade balance data are due today. French trade balance and industrial production are also up for release.


Ones to watch today-

  • German Inflation (YOY) - Previously 1.6   Expectation 1.6%

  • German Inflation (MOM) - Previously 0.2   Expectation 0.2%

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