Pound down on US data

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The British pound came under pressure on Friday after stronger than expected employment data from the US

At close of trade on Friday the British pound closed the week at US$1.4224 down 0.94 percent from the previous day.

There were 215,000 jobs added to the US economy last month according to the latest Non-Farm payrolls figure, well above consensus for a number of 205,000 showing the jobs market is moving forward.

Another good performer was wage growth which hit the market at 0.3 percent in March, well above last month’s figure of -0.1 percent.

The U.S. Federal Reserve pays close attention to wage growth as it’s closely connected to inflation which is major trigger for interest rate hikes.

The Unemployment rate ticked up slightly to 5 percent from the previous month’s figure of 4.9 percent but was not enough to stop the rally in the US dollar.

 Some news like to create some volatility in the British pound in the coming week includes local industrial production figures as well as the latest minutes meeting from the US Federal Reserve where the question of an interest rate hike will be on the agenda.

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