Pound US Dollar GBPUSD Exchange Rate Falls – A bigger-than-expected decline in the headline US non-farm payrolls figure was not enough to keep the Pound Sterling to US Dollar (GBP/USD) exchange rate from slumping sharply.
Plunge in US Payrolls Fails to Prevent Pound US Dollar (GBP/USD) Exchange Rate Losses
Even so, the underlying picture of the US labour market remains far from encouraging, with the impact of the Covid-19 crisis still continuing to filter through into the data Pound US Dollar GBPUSD Exchange.
Softer UK Services PMI Drags GBP/USD Exchange Rate Lower
Support for Pound Sterling (GBP) proved generally limited in the wake of March’s finalised UK services PMI, which saw a modest negative revision.
However, any marked improvement in investor sentiment could easily see USD exchange rates – Pound US Dollar GBPUSD Exchange.
If further government fiscal stimulus action appears possible this could equally offer a rallying point to the GBP/USD exchange rate.
EUR/USD has been able to avoid losing all of last week’s gains, but it has still seen significant losses this week overall.
EUR/USD opened last week at the level of 1.0757 and gained almost four cents to close the week at 1.1151.
This week EUR/USD has once again fallen back down into the region of 1.11. The pair is trending at around 1.0798 at the time of writing on Friday.
Market risk-sentiment rose again this week as the coronavirus pandemic worsened around the globe. None of the week’s fiscal stimulus news was particularly impressive, meaning investors held on to safe havens like the US Dollar.