Dollar recoups losses after jobs data miss
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Daily Currency Update
Friday saw the monthly US jobs report miss target with 151k people added to the workforce in February, just under the 159k predicted. The previous month's figure was also revised lower and the unemployment rate unexpectedly ticked up to 4.1% from 4.0%. After some initial whipsawing which saw EUR/USD get close to 1.09, the pair slowly drifter lower throughout the rest of the day and has fallen away further as we start the week. The pair now sits just above 1.08 which is around a four-cent gain since the start of the month. GBP/USD has mirrored EUR/USD move and has slipped back under 1.29 this morning.Key Movers
Former Bank of England Governor, Mark Carney has been elected as leader of Canada's Liberal Party and therefore assumed the role of Prime Minister after the resignation of Justin Trudeau. Carney comes to the helm at a particularly fraught time for the country with Donald Trump's trade tariff agenda causing a huge rift between the two normally friendly neighbours. Tariffs will continue to dominate markets as Trump keeps everyone guessing over how much will be levied on Canada and Mexico as well as what his future plans are. On the data front, this week’s big event will be Wednesday's inflation figures from America. Friday morning sees growth data for January from the UK with a modest 0.1% increase expected.Expected Ranges
- GBP/USD: 1.2810 - 1.2930 ▼
- GBP/EUR: 1.1880 - 1.1980 ▼
- GBP/AUD: 2.0330 - 2.0470 ▼
- EUR/USD: 1.0780 - 1.0870 ▼