Login

Market Comment - 7th June 2021

Posted by Andy DyerJune 7, 2021

Good morning,

The US economy added fewer jobs than expected even after reopening. 559,000 jobs were created with the opening of restaurants, hotels, and bars. The predictions were around 675,000 therefore, the number of jobs created did not quite meet this expectation. The unemployment rate has now been lowered to 5.8% from the initial 6.1% in April.

Regarding the Pound, it gained against the Dollar at the end of last week, the U.S jobs data played a part in this as it weakened the Dollar, making it easier for the Pound to get ahead.

The UK government on June the 14th will be reassessing the current plans for life to go back to normal on the 21st of June as there has been an increase in Corona cases. There is speculation that the decision on the 14th of June will not have much effect on the Pound’s strength.

In relation to the US Dollar, the jobs data that came out on Friday caused the Dollar to fall quite dramatically after it had been climbing up slowly and steadily.

ECB monetary policy meetings are a big highlight within June as it is a good way of testing the banks communication skills. It is expected that GBP will continue to grow stronger this year and next year.

Within the UK, the highlight is the GDP reading in April; the forecast is for output is expected to go up by 2.4% in the month. Meaning that a strong rebound is predicted within the UK; as the vaccines in the UK are being rolled out fast and efficiently, this has enabled for a slow re-opening of the economy. The industrial output is expected to go up by 1.2%; this would leave production 0.6% below the pre-pandemic level.

Our friendly currency experts are here to assist you and guide you through the markets, we offer a first-class service and even an online platform so you can monitor your transaction in real time.

Our business ethos is based on bank beating rates and fantastic customer service, click the link below for a no obligation quotation and see the savings for yourself.

Todays Economic Calendar 

GER: 07:00 Industrial Orders (April)

UK: 08:30 Halifax House Prices (May)

EU-19: 09:30 Sen tix Index (June) 

© 2022. RegencyFX Ltd. All rights reserved. *Third party fees may apply.

Payment services for RegencyFX Ltd are provided by The Currency Cloud Limited. Registered in England No. 06323311. Registered Office: The Steward Building 1st Floor, 12 Steward Street London E1 6FQ.

The Currency Cloud Limited is authorised by the Financial Conduct Authority under the Electronic Money Regulations 2011 for the issuing of electronic money (FRN: 900199). In the US Currency Cloud operates in partnership with CFSB. CFSB fully owns the bank program and services are provided by The Currency Cloud Inc.

Currency Pairs, Approved Jurisdictions and Non-Permitted Activity

linkedin facebook pinterest youtube rss twitter instagram facebook-blank rss-blank linkedin-blank pinterest youtube twitter instagram