Pound Sterling to US Dollar Exchange Rate – ‘Greenback’ stronger as jobs data continues to support

The US Dollar is trading firmer against the Pound on Monday as it remains supported by last week’s positive jobs data in a session devoid of domestic data releases.

The Pound weakened against many of its most traded peers as a lack of domestic data offered little in the way of direction for the currency. Concerns that the currency manipulation scandal could affect Bank of England activity weighed. Tomorrow sees BOE Governor Mark Carney face lawmakers after the Bank suspended an employee and released minutes showing that officials were aware that the currency market was being rigged eight years ago.

The US Dollar meanwhile pushed higher against a number of peers but was close to a two and a half year low against the Euro. The single currency continued to find strong support after last week’s decision by the European Central Bank to not alter interest rates or monetary policy.

The ‘Greenback’ too remained supported by data released last week. The Labour Department reported Friday that the U.S. economy added 175,000 jobs in February, well above expectations for 149,000 new jobs. The jobs report eased concerns over soft U.S. employment and other economic data seen in the past few months.

Also offering support to the US currency is the ongoing situation in Ukraine. The Dollar gained after reports surfaced that Russia was threatening to cut off gas supplies to Ukraine and Europe. Poor trade data out of China also supported demand for safer assets.