The pound strengthened against the dollar on Friday as the US announced the worst job losses data in 35 years. It is expected that this will renew the urgency for the US $900 billion stimulus package currently being considered by Congress. The pound also strengthened on the back of the Bank of England’s 50 basis points interest rate cut on Thursday. Analysts said while the US jobs data was bleak, the data was largely expected and focus quickly turned to how the data will help the stimulus plan get passed.
There are no significant announcements taking place in the US today.
No comments:
Post a Comment