Pound Falls Ahead Of US Jobs Data

Pound Falls Ahead Of US Jobs Data

05 Mar 2021 03:00 PM
 

Pound fell and traded around 1.3830 as Dollar extended gains following Powell’s dovish comments leading to an upward rally in US yields.

The Fed Chair Jerome Powell stated that the rising US treasury yields were just transitory and no changes to the monetary policy are to be expected in the near-term. A sell-off in the bond markets was triggered following his comments, leading to an increase in Dollar.

However, the losses were capped as investors awaited for fresh cues ahead of US jobs data. Later in the day, NFP report and US employment rate figures are due out of the US and will be in focus as the numbers would determine Dollar’s direction.