Non-Farm Payroll is one of the most closely monitored economic indicators for the US economy, reflecting the direction the labour market is taking. The figures are also notoriously difficult to predict, increasing the volatility as the market often scrambles to revalue the US dollar according to the news.
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The data is released today at 13.30 and is important for any clients interested in the US dollar, as well as any currency connected to it, which covers a very wide spectrum. The USD accounts for an estimated 60% of globally traded foreign exchange.
The expectation is for a drop to 180k newly created jobs versus the previous 304k from last month, this could adversely affect the US dollar as it reflects a slight slowdown in the pace of newly created jobs.
If you have a US dollar transfer you are considering, it might be wise to examine your options and discuss strategy with your account manager ahead of the news.
Euro weakness yesterday helped the greenback rise against sterling with EURUSD - the world’s most heavily traded currency pairing - falling to a 20-month low. This movement of funds from the euro to the US dollar has ‘weighed’ the US dollar down against the pound. GBPUSD levels are now just above the 1.30 interbank rate making this afternoon’s NFPR even more interesting for clients concerned with any GBPUSD transfer.
The US dollar is in a mixed pattern of late, struggling under the conflicting signals from the Trade Wars and also the US economy. On one hand we have a series of positives; the Trade Wars with China could be close to agreement and the US economy is creating lots of jobs. However there is the inherent uncertainty that the Trade Wars have created, and the worries over small declines in economic growth. The conflicting messages are leaving the currency loosely range bound.
There is an expectation that next week could provide some defining news on Brexit, so clients interested in GBPUSD currency exchanges buying or selling might well benefit from a quick discussion with our expert team.
Fantastic service by Jonathan and his team. I feel totally confident in using the service for my foreign currency transfers.
Phone answered quickly and efficiently. Although not available at the time Jonathan Watson returned my call in France very quickly. Business conducted quickly and in a customer friendly and informative manner at all times. All follow up correspondence and confirmation execute speedily & efficiently.
A stress free experience with friendly, helpful staff. Quick transfer. I would definitely use them again. Quick and reliable.