U.S. Dollar Takes Off After Impressive 209K Jobs Added in July, Sterling Tumbles
The U.S. dollar rallied on Friday after the Bureau of Labor Statistics released July jobs data that easily beat Wall Street expectations. The sharp surge of the greenback pushed the British Pound to the lowest level in more than one week.
The currency pair GBPUSD tumbled more than 0.7 percent to trade at $1.30400 – the lowest since July 26th – in North American trading session, looking set to close the week lower. The greenback was supported strongly after the highly-awaited report showed the country created 209,000 new jobs last month.
The reading topped Wall Street forecasts for 175,000 jobs to have been added in July. In total, the U.S. has created nearly 450,000 new jobs in the past two months, pushing the jobless rate back down to a 16-year low of 4.3% from 4.4% recorded in the previous month. On a monthly basis, pay rose 0.3% in July to an average of $26.36 an hour, remaining at the year-over-year growth rate of 2.5% as in the prior month.
Sell Stop at 1.30400, Take profit at 1.30000, Stop loss at 1.30600