The pound initially opened last week’s session on stable footing as GBP investors welcomed Scotland’s lifting of its remaining coronavirus restrictions.
Unemployment figures showed fresh record increases, with the latest initial jobless claims figures far outpacing market expectations at a decline of more than 6 million.
However, this failed to fully translate in March’s non-farm payrolls report, which only saw a decline of -701,000 on the month.
Although analysts suspect that the US unemployment rate has already risen to a record high this was not enough to keep USD exchange rates under pressure, particularly in the face of safe-haven demand.
Even so, the release of the latest set of Federal Open Market Committee (FOMC) meeting minutes may see the US dollar stumble.
Signs that policymakers remain willing to engage in further monetary loosening in order to shore up the performance of the world’s largest economy could weigh on market sentiment.
Another major uptick in jobless claims on the week may also limit the potential for any further USD exchange rate gains.
Joining the corporate trading desk in 2007, Phil now over sees all of Currencies Direct’s corporate dealing activity. Having gained experience working with hundreds of businesses to optimise international payments processes and execute comprehensive risk management strategies, Phil currently works with a portfolio of corporate clients whilst managing Currencies Direct’s overall market exposure
Phil has FCA approval and has completed the Certificate in International Treasury Management (CertiTM)