Although the Pound softened against the Euro for the first time in over a week during the European session it staged an impressive rebound, surging to a seven-month high against its common currency rival.
The Pound Sterling to Euro Exchange Rate was in the region of 1.1897 as of 15:15 GMT
After the highly anticipated US non-farm payrolls report showed that the US economy added less jobs than expected in August Sterling marched to 83.99 against the Euro and headed for its first five-day gain against the US Dollar for over a week.
Although economists expected the US to add 180,000 workers last month, adding to the case for the Federal Reserve tapering quantitative easing over the next few weeks, the world’s largest economy actually only added 169,000 positions following a negatively revised gain of 104,000 in July.
1 Euro is currently worth 0.8406 pence
In the wake of the data release currency strategist Robert Lynch commented: ‘Assuming tapering is factored into the market already, the worse-than-expected jobs data would result into considerable scaling back in expectation [the] Dollar will respond negatively to that.’
The Pound could advance further against the US Dollar before the weekend.
Current Pound Sterling (GBP) Exchange Rates:
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The Pound Sterling/US Dollar Exchange Rate is currently in the region of: 1.5636 >
The Pound Sterling/Euro Exchange Rate is currently in the region of: 1.1897 >
The Pound Sterling/Australian Dollar Exchange Rate is currently in the region of: 1.6991<
The Pound Sterling/New Zealand Dollar Exchange Rate is currently in the region of: 1.9526 <
The US Dollar/Pound Sterling Exchange Rate is currently in the region of: 0.6397 <
The Euro/Pound Sterling Exchange Rate is currently in the region of: 0.8406 <
The Australian Dollar/Pound Sterling Exchange Rate is currently in the region of: 0.5885 >
The New Zealand Dollar/Pound Sterling Exchange Rate is currently in the region of: 0.5108 >
(As of 15:15 GMT)
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