Investing.com - The pound rose against the dollar on Friday
after official U.S. data released earlier revealed the world's
largest economy added far fewer jobs in March than market
participants were expecting.
In U.S. trading on Friday, GBP/USD was trading at 1.5332, up 0.66%,
up from a session low of 1.5199 and off from a high of 1.5364.
The pair was likely to find support at 1.5034, Thursday's low, and
resistance at 1.53649, the earlier high.
The U.S. Bureau of Labor Statistics reported earlier the economy
added 88,000 nonfarm payrolls in March, way below expectations for
a gain of 200,000 and below the 268,000 jobs added in February.
The private sector added 95,000 jobs last month, after an increase
of 254,000 in February, missing expectations for a 209,000 rise.
The report also showed that the U.S. unemployment rate ticked down
to 7.6% in March, from 7.7% the previous month, as more Americans
left the labor force.
Analysts were expecting the headline unemployment rate to remain
unchanged last month.
The news sent the dollar falling on expectations for the Federal
Reserve to keep monetary stimulus programs in place, including its
USD85 billion monthly bond-buying program that weakens the
greenback as a side effect.
Elsewhere in the U.S., the Commerce Department reported that the
U.S. trade deficit narrowed unexpectedly in February, coming in at
USD43 billion compared to a USD44.5 billion deficit the previous
Analysts were expecting the country's trade deficit to widen to
USD44.6 billion in February.
Meanwhile across the Atlantic, data showed that house prices in the
U.K. rose 0.2% in March, in line with expectations, after a 0.5%
increase the previous month. which gave Cable further support.
The pound, meanwhile, was up against the euro and up against the
yen, with EUR/GBP trading down 0.05% at 0.8488 and GBP/JPY up 1.95%
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