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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.
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Todays Economic Calendar
GER: 07:00 Industrial Orders (April)
UK: 08:30 Halifax House Prices (May)
EU-19: 09:30 Sen tix Index (June)
