The US Dollar tumbled against the Pound and fell against the majority of its peers after the eagerly anticipated non-farm payrolls data came in below expectations suggesting that the US economy was slowing before the start of the government shutdown.
According to the Washington based Labour Department, 148,000 new jobs were created in September, down from the 193,000 rise recorded in August. The overall unemployment rate fell to a four-and-half year low of 7.2% but that wasn’t enough to calm jittery investors who had been expecting the creation of an extra 180,000.
Investors are now concerned that the data indicates that the US economy, the world’s largest will show signs of decline in the fourth quarter of the year. The data did little to appease those worried about the impacts of the recent fiscal impasse on growth. Economists are now more likely to increase their bets that the Federal Reserve will choose to delay tapering to its monetary easing programme until March 2014, a move that has bolstered emerging market currencies and weighed heavily upon the ‘Greenback’.
“Since the economy is potentially in flux and the data for October and November are subject to an unusual degree of distortion. Fed policy makers are probably going to maintain stimulus for several more months” said a chief economist.
Against the Swiss Franc the Dollar plummeted to a 20-month low and fell sharply against the Japanese Yen. It was also broadly weaker against the Australian, New Zealand and Canadian Dollars.
US Dollar (USD) Current Exchange Rates
The US Dollar/Pound Sterling Exchange Rate is currently in the region of: 0.6202
The US Dollar/Euro Exchange Rate is currently in the region of: 0.7317
The US Dollar/ Canadian Dollar Exchange Rate is currently in the region of: 1.0297
The US Dollar/ Australian Dollar Exchange Rate is currently in the region of: 1.0360
The US Dollar/ New Zealand Dollar Exchange Rate is currently in the region of: 1.1853
The US Dollar/Japanese Yen Exchange Rate is currently in the region of: 98.3583
The US Dollar/ South African Rand Exchange Rate is currently in the region of: 9.8516
The Pound Sterling/US Dollar Exchange Rate is currently in the region of: 1.6123
The Euro/ US Dollar Exchange Rate is currently in the region of: 1.3666
(Correct as of 14:20 pm GMT)
Comments are closed.