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6 Sep 2013
GBP/USD soars on disappointing NFP
FXstreet.com (Córdoba) - The GBP/USD soared to fresh highs as the dollar weakened broadly after data showed the US economy created fewer jobs than expected in August although the unemployment rate ticked down.
USD slumps on weak employment data
The nonfarm payrolls grew by 169K in August versus 180K expected, while July figure was downwardly revised to 104K from 162K previously estimated. Meanwhile, the unemployment rate dropped to 7.3% from 7.4% but that was because fewer people were looking for work.
GBP/USD jumped to a fresh 2-week high as data doesn’t seem strong enough to persuade Fed’s doves to begin taper its bond purchases this month. GBP/USD rose as high as 1.5679 before pulling back, and it is currently trading around 1.5640, recording a 0.3% gain on the day.
USD slumps on weak employment data
The nonfarm payrolls grew by 169K in August versus 180K expected, while July figure was downwardly revised to 104K from 162K previously estimated. Meanwhile, the unemployment rate dropped to 7.3% from 7.4% but that was because fewer people were looking for work.
GBP/USD jumped to a fresh 2-week high as data doesn’t seem strong enough to persuade Fed’s doves to begin taper its bond purchases this month. GBP/USD rose as high as 1.5679 before pulling back, and it is currently trading around 1.5640, recording a 0.3% gain on the day.