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Forex News: Pound Appreciates Ahead Of U.S. Jobs Data

Pound Appreciates Ahead Of U.S. Jobs Data

09/02/2021 - 07:29:00 (RTTNews)

(RTTNews) - The pound climbed against its major counterparts in the European session on Thursday, as investors awaited U.S. nonfarm payrolls data to assess the strength of labor market and the stimulus outlook.

The economy is forecast to add 750,000 jobs in August, down from a rise of 943,000 jobs in July.

The unemployment rate is expected to drop to 5.2 percent in August from 5.4 percent in the previous month.

Fed chair Jerome Powell said last week that the strengthening of the labor market could trigger the asset purchase tapering this year.

A drop in U.K. coronavirus infections also supported the currency.

On Wednesday, the U.K. reported 35,693 new cases and 207 deaths within 28 days of testing positive for Covid-19.

The pound rose to 0.8587 against the euro and a session's high of 1.2641 against the franc, up from its prior lows of 0.8601 and 1.2587, respectively. Next key resistance for the pound is seen around 0.84 against the euro and 1.28 against the franc.

The pound reached a 2-day high of 1.3801 against the greenback, rising from a low of 1.3767 seen at 8:30 pm ET. Should the pound rises further, it may likely seek resistance around the 1.40 level.

The pound rebounded from an early low of 151.35 against the yen, with the pair trading at 151.76. On the upside, 153.00 is likely seen as the next resistance level.

Looking ahead, U.S. and Canadian trade data for July, U.S. weekly jobless claims for the week ended August 28 and factory orders for July will be released in the New York session.

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