The Pound pushed higher against the US Dollar on Wednesday despite the release of data which showed that US companies added more workers than forecast in December.
According to the ADP Research Institute’s employment change report, payrolls leapt by 238,000, far more than the 200,000 increase expected y economists. Mortgage data also came in better than expected. As a result of the data releases the ‘Greenback’ strengthened against a softer Euro and continued to trade firmer against the Canadian Dollar.
The positive jobs report is a good sign that Friday’s eagerly anticipated nonfarm payrolls report. Investors are now turning their attention to the minutes of the Federal Reserve’s December meeting, due for release late on Wednesday, for indications on the possible timing of further reductions in the bank’s stimulus program.
The Fed minutes are expected to confirm that it will reduce its bond buying from $85 billion a month to $75 billion in January and that it will cut buying in $10 billion increments over the next seven months. The easing programme is expected to end completely in December 2014.
Despite the positive data the US Dollar was unable to make gains against the Pound. Sterling strengthened against the majority of its most traded peers after speculation rose that the UK economy will outpace its European rivals in 2014. As a result the currency pushed to its highest level in more than a month against the Euro.
US Dollar (USD) Current Exchange Rates
The US Dollar/Pound Sterling Exchange Rate is currently in the region of: 0.6078
The US Dollar/Euro Exchange Rate is currently in the region of: 0.7352
The US Dollar/ Canadian Dollar Exchange Rate is currently in the region of: 1.0807
The Pound Sterling/US Dollar Exchange Rate is currently in the region of: 1.6449
The Euro/ US Dollar Exchange Rate is currently in the region of: 1.3598
(Correct as of 14:35 pm GMT)
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