US job data boosts rates

This afternoon US non-farm payroll data was far below analysts’ expectations, weakening the US Dollar and boosting exchange rates for the Pound by nearly a cent.

Employment growth ground to a halt as weak consumer confidence filters through to the economy. June and July’s figures were also revised down.

Non-farm payrolls is one of the most important monthly data releases for the USA, so the weak data has provided a good opportunity to buy dollars at improved exchange rates this afternoon.