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Nikita Kapoore•10 October 2022

USD maintains edge on GBP

2 min read

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USD maintains edge on GBP, remains above parity against Euro. Healthy US jobs data contributes to strength against G10 set

Robust US employment data released last Friday has laid the foundations for a strong trading session for the dollar.

The GBP/USD pair is trading at US$1.11, with a bearish advantage seen on the four-hour candlestick chart, while USD also remains above parity against the Euro at US$0.97.

The dollar remains strong against the pound – Source: capital.com

With the US on holiday for Colombus Day, investors will be taking the time to weigh up the likelihood of a more hawkish stance from the Federal Reserve, although no meeting is set to take place this month.

Only the Canadian dollar (CAD) has shown any uptick against USD, partially due to a strong rally in oil prices.

The GBP/EUR pair remains neutral at 88p, having barely budged more than a few pips since this time last week.

There is little on the UK financial calendar today, though a potential second policy u-turn from the Truss cabinet, this time in regards to benefits cuts, could cause further volatility for an already struggling pound.

The Euro (EUR) has dropped 0.13% against the Japanese yen, while the Australian dollar is down half a percent against each the yen, US dollar, Canadian dollar and Swiss franc.

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