Disappointing Payrolls Data Forces USD Downwards

On Friday, the Pound moved higher against many of its peers, despite ongoing concerns about the energy crisis gripping the UK.

A positive market mood gave the currency a boose as well as a strong recovery in the UK stock market. This saw the Pound finish at 1.1761 against the Euro and 1.3613 against the US Dollar according to the Foreign Exchange Market.

As the Euro moved through the session on Friday, it weakened as it reacted to news that the balance of trade figures in Germany came in lower than expected. Trade surplus in Germany shrunk to its smallest since May 2020 coming in at €10.7bn as opposed to €14.4bn that was expected. There is no data due to be released today which means that the single currency might face further headwinds. 

There was a significant amount of selling pressure placed on the US Dollar on Friday after the US non-farm payrolls report came in under expectations. September was the worst month this year for payroll figures, as only 194,000 jobs were added, which was a lot less than the 500,000 that was forecast.

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