Dollars to Euros Exchange Rate ? GBP USD Hits A Level Ahead Of This Afternoon?s US Non-Farm Payroll Figure

Published: Friday, 3 February 2012 09:00 BST - Written by John Cameron

STORY LINK Dollars to Euros Exchange Rate ? GBP USD Hits A Level Ahead Of This Afternoon?s US Non-Farm Payroll Figure

The Pound Euro exchange rate (GBP EUR) is 1.2033. The Pound Dollar exchange rate (GBP USD) is 1.5826. The Pound Australian Dollar exchange rate (GBP AUD) is 1.4778.

As a chill wind sweeps the UK, there has been little in the way of economic releases to warm investors holding Sterling-denominated assets in the past 24 hours.

Yesterday morning’s UK PMI Construction sector survey for January printed at a lower than expected 51.4, significantly down from December’s counterpart figure of 53.2. This suggests that Britain’s key building sector, considered a bell-weather for the state of the domestic economy, may well be heading towards contraction once again.

Meanwhile, there was further poor news for the Pound with the overnight release of a report by the widely-respected National Institute of Economic and Social Research (NIESR). The NIESR predicted that the UK economy will sink into a second recession in recent years during the first 6 months of 2012 and that Britain’s economy will contract by 0.1% in the 12 months to December 31st, 2012.

Meanwhile, China offered hope that it may be willing to ride to the rescue of the eurozone’s debt-addled economy, when the country’s leader, Wen Jiabao, stated yesterday that his country was ‘considering’ contributing to the European bail-out fund. If China elected to use part of its vast sovereign wealth fund to provide assistance to debt-distressed European states, then the euro would be sure to push forward once again in global currency markets.

Today is Non-Farm Friday, with the release of the key Non-Farm Payroll data for January in the US. Last month’s figure showed that some 200,000 new jobs had been created in the world’s leading economy. This month’s figure is expected to register at 150,000 – anything lower than this could cause institutional investors to shift out of risk, providing support for the safe-haven US Dollar.


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