Disappointing Non-Farm Payrolls Puts Another Dent in the US Dollar

During the trading session on Friday, the Pound lost some gains but the afternoon saw it make up for these losses as it made gains against most of its peers.

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Despite poor services PMI for August which dropped to 55 from 59.6 which came from a lack of consumer spending and staff shortage, the Pound still managed to make some gains. This saw the currency finish at 1.168 against the Euro and 1.3861 against the US Dollar according to the Foreign Exchange Market.

The Euro lost ground against a number of its rivals on Friday as the single currency was hampered by a drop in retail sales, despite the services PMI being relatively positive. While service activity slowed in August, it did remain close to the previous month which saw it reach a 15-year high. However, the decline in retail sales of 2.3% saw it struggle throughout the day.

The US Dollar continued to lose momentum and continued the week-long trend of losses, especially as the non-farm payrolls report came in lower than expected. There were just 235,000 added last month which is the worst figure for 7 months and this was put down to the rise of the Delta coronavirus variant which is causing issues for the labour market.

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