The Pound was slightly firmer against the US Dollar on Friday after data showed that the number of jobs created in the USA was less than expected last month.
According to the US Labour Department the world’s largest economy created an extra 217,000 jobs in May. The figure was just below the forecasted figure for 218,000.
Despite the slightly lower than expected figure the data now means that US payrolls increased beyond the pre-recession peak.
The nation’s overall unemployment level remained at a six-year low level of 6.3% as the economy strengthened. The figure was better than the 6.4% forecast by economists.
“It’s in line with where we ultimately think the pace of job growth will be this year. The figure is consistent with an economy that is growing between 2% and 2.5%,” said Michelle Girard, chief US economist at RBS Securities.
The report also showed that the USA’s private sector created 216,000 jobs last month, beating forecasts for a gain of 210,000.
The Pound meanwhile had softened earlier in the session after a report showed that the UK’s trade deficit widened to £8.92 billion in April. Analysts had been forecasting for the deficit to widen to £8.65 billion.
Against the Euro the US Dollar was firmer after the single currency remains under pressure from yesterday’s European Central Bank policy meeting.
Against the Canadian Dollar the ‘Greenback’ was little changed as data out of Canada also showed a positive rise in the number of jobs created in May.
US Dollar (USD) Exchange Rates
[table width=”100%” colwidth=”50|50|50|50|50″ colalign=”left|left|left|left|left”]
Currency, ,Currency,Rate ,
US Dollar,
,Pound Sterling,0.5939 ,
US Dollar,,Euro,0.7321 ,
US Dollar,,Canadian Dollar,1.0924 ,
US Dollar,,Australian Dollar,1.0693 ,
Pound Sterling,,US Dollar,1.6834 ,
Euro,,US Dollar,1.3654 ,
[/table]
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