Non farm payrolls came in slightly ahead of expectation on Friday. Analysts had predicted job growth of 250k, and the actual number came in at 263k. This immediately strengthened the Dollar versus the Pound where the rate remains bearish for Sterling.
A faint glimmer of hope this morning as the Bank of England doubles down on its bond buy back program. The daily cap on purchases was £5 billion but this has been increased to £10 billion per day for the remainder of the week.
This has kept GBP/EUR in an orderly sideways pattern. With a smattering of Euro centric news out there could be a bit of movement today. However it's the UK's employment numbers out at breakfast time tomorrow that could see the real catalyst for a shift in rates.
It's a similar story against the other major currencies. Generally the Pound is tracking sideways with a small jump this morning on the back of the Bank of England news.
Today’s Economic Calendar
EUR: 09:30 Sentix Investor Confidence
EUR: 14:00 ECB's Philip Lane Speech
US: 18:35 FED's Lael Brainard Speech
UK: Tuesday 00:01 BRC Like for Like Retail Sales
UK: Tuesday 07:00 Unemployment Rate and Average Earnings
As ever we look forward to keeping you in the loop and look out for our next update.
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