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The US dollar remains centre-stage

Published: 23 Oct at 10 AM Tags: Pound Sterling, Dollar Exchange Rate, Currency Exchange, UK, Economy,

The focus of the currency markets remains firmly fixed on the US dollar after a disappointing set of US non-farm payroll data, the key unemployment data was published yesterday reinforcing the view amongst the majority of analysts that the US Federal Reserve will hold back into at least the first quarter of 2014 before tapering its $85 billion a month quantitative easing stimulus program.

The consensus forecast for US job creation in September was for 180,000 jobs but the data showed just 148,000 were created. However, the unemployment rate declined to 7.2%, the lowest rate since November 2008.

It is worth bearing in mind that the figures are a snapshot of the US job market from before the fiscal stand-off on Capitol Hill which shut the US government down for 16 days, the first shutdown for nearly 17 years.

In the UK, the pound found support after the publication of the latest public sector borrowing requirement data showed an economy on the mend with public sector net borrowing fell from £10.8 billion to £9.4 billion with tax revenues up 7% on back of better economy according to the latest data from the Office for National Statistics (ONS).

Economists at Capital Economics commented that “Although the economic recovery has taken its time to come through in the fiscal numbers, September's figures suggest that the public finances are now beginning to reap the rewards of a stronger economy.”