Spreadex Market Update

A positive day for UK Jobs sees the Pound flourish



Today the Pound saw a substantial rise, with Cable up 0.47% to 1.42, its highest level since February.

This comes off the back of news that the UK Jobs market is mounting a recovery, after the hardship caused by the pandemic.

Latest figures show that the UK unemployment rate between January and March of 2021 fell to 4.8%, and even though that figure is still roughly 0.8% higher than the same period in 2020, with the latest lockdown restrictions being eased and further easing on the 21st of June, one can only presume this number will soon return to pre-covid rates or better.

However, the Pound’s surge today is not solely in connection with the UK’s job bliss. Cable’s surge is also down to a weak Dollar.

This is in light of rumours that, despite rising inflation rates, the US Federal Reserve plans to keep its stimulus programme. This, in conjunction with US housing starts coming in below forecasts at 1.569M in April, suggest why the Dollar is struggling to match against the Pound.

Even with a weaker Dollar, US markets haven’t been majorly affected on the open, with the Dow down only 3.68 points, and the S&P 500 down 3.87.

The Euro has also taken advantage of the weaker Dollar, with EUR/USD up 0.55% on the day to 1.2215.

European markets have continued yesterday’s stability. The FTSE, having seen the Pound rise, is slightly up on the day, rising 11 points to 7044. On the other hand, the DAX and CAC are down 0.13% and 0.14% respectively.

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