Pounds to US dollars exchange rate getting creamed

The US employment data on Friday was slightly stronger than expected, with the small rise in the unemployment rate slightly offsetting the larger than expected rise in employment. This lead to the Pounds to US dollars exchange rate getting creamed and ending the week 150 points lower

From a bigger picture perspective, it seems likely that the employment data from the last few months has been partially weather affected, but it is far from clear that there has been a big weather effect, especially since construction jobs rose again in February.

There is little US data of significance today, but the low in the US Dollar index at 79.43 seen on Friday should now be at least a short term base, with scope to test back above 80 today.