The US Dollar Exchange Rate was trading in the region of 0.6320 against the Pound as of 14.39 pm
Forget Maccy D’s, investors have got an appetite for risk, and the US Dollar is slumping as a result.
Recent positive data from the US and Eurozone has done much to improve confidence regarding global economic recovery and heightened the appeal of riskier assets in the process. Now the latest payrolls report for the latter nation has spurred the safe-haven ‘Greenback’ to a fourth day of declines.
Earlier, encouraging Eurozone manufacturing figures forced the Dollar lower against the Euro and now January’s Non-Farm Payrolls figures, a key economic indicator, have shown that US payrolls continued to increase in January after posting significant gains in the last two months of last year.
Although the jobless rate climbed from 7.8 per cent to 7.9 per cent, payrolls increased by 157,000 jobs. This follows November’s 247,000 gain and December’s revised figure of 196,000 .
As one industry expert asserted: ‘The US labour market has been very resilient in recent months. The big story is all the upward revisions to the previous months, which gives the report a real positive spin. All these concerns that the fiscal uncertainty deterred businesses from hiring, they certainly haven’t materialised.’
This latest result led to the ‘Greenback’ posting declines against several of its most traded peers, but the US Dollar’s bearish trend may not last.
Following the news one foreign exchange expert commented: ‘This number suggests that the trend for stronger employment growth in the States is intact.’ He added that ‘It will likely lead to better US Dollar strength going forward’ as it will increase the likelihood of the Federal Reserve ending monetary stimulus.
With US ISM manufacturing figures still to come this afternoon further volatility can be expected.
Current US Dollar Exchange Rates
The US Dollar to Euro exchange rate is currently trading at 0.7329
The US Dollar to Pound Sterling exchange rate is currently trading at 0.6320
The US Dollar to Canadian Dollar exchange rate is currently trading at 0.9981
The US Dollar to Australian Dollar exchange rate is currently trading at 0.9599
The US Dollar to New Zealand Dollar exchange rate is currently trading at 1.1864
The US Dollar to Emirati Dirham exchange rate is currently trading at 3.6729
The US Dollar to Swiss Franc is currently trading at 0.9045
The US Dollar to Japanese Yen exchange rate is currently trading at 92.1100
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