The US Dollar softened against the Pound after a number of data reports released in the world’s largest economy came in below forecasts.
According to the ADP Reserach Institute based in New Jersey, US companies added fewer workers than expected in October, suggesting that the nation’s jobs market was negatively impacted by the recent budget and debt ceiling debacle. The increase of 130,000 was the lowest gain in six months and below economist forecasts for a rise of 150,000.
“Most labour market indicators point to moderate employment growth across private sector industries, but there is an elephant in the room, which is the government shutdown. It’s another factor that may have caused private employers to be cautious about hiring” said an economist at HSBC Securities.
Wednesday also saw the Washington based Labour department release its latest consumer price index. The data showed that the cost of living in the US rose as expected in September. The index edged higher by 0.2% below the target set by the Federal Reserve.
The data gives the US Central Bank more room to maintain its monetary easing programme and increases expectations that the Fed will today refrain from announcing a cut to the $85 billion per month scheme, a move that will strengthen commodity and emerging market currencies and devalue the US Dollar.
The Canadian Dollar meanwhile firmed against the Pound as the currency benefited from the increased expectation that the Federal Reserve will not taper its easing programme until next year. Gains could be muted however as the value of Canada’s biggest export, crude oil fell as demand weakened from the USA.
US Dollar (USD) Current Exchange Rates
The US Dollar/Pound Sterling Exchange Rate is currently in the region of: 0.6227
The US Dollar/Euro Exchange Rate is currently in the region of: 0.7269
The US Dollar/ Canadian Dollar Exchange Rate is currently in the region of: 1.0453
The Pound Sterling/US Dollar Exchange Rate is currently in the region of: 1.6058
The Euro/ US Dollar Exchange Rate is currently in the region of: 1.3756
Current Canadian Dollar (CAD) Exchange Rates:
The Canadian Dollar/US Dollar Exchange Rate is currently in the region of: 0.9566
The Canadian Dollar /Euro Exchange Rate is currently in the region of: 0.6954
The Canadian Dollar/Pound Sterling Exchange Rate is currently in the region of: 0.5956
The Pound Sterling/Canadian Dollar Exchange Rate is currently in the region of: 1.6787
The US Dollar/ Canadian Dollar Exchange Rate is currently in the region of: 1.0453
The Euro/Canadian Dollar Exchange Rate is currently in the region of: 1.4380
(Correct as of 13:00 pm GMT)
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