Delayed US employment data in focus
Todays focus will be very much on the delayed US Employment figures, in particular the Nonfarm Payrolls at 1.30pm UK time. Remember the US unemployment figure is a key pointer as to when the Fed may consider the fabled tapering – a better than expected payrolls figure will see USD strengthen. Market expectations are that GBP/USD will remain in the 1.6100-1.6200 range for the coming week.
Elsewhere, AUD continues is significant rally with GBP/AUD moving from 1.73 to 1.6700 is a matter of weeks. Several factors have conspired to produce such a drive from AUD; Better than expected Chinese growth figures meaning continued strong demand for Australian commodities, reduced expectations of a rate cut in Oz and continually better than expected economic data.
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