Pound US Dollar Exchange Rate Edges Lower on Absence of UK Economic Data

The Pound US Dollar (GBP/USD) exchange rate has moved lower since markets opened this morning following an absence of economic data from the UK.

At the time of writing the GBP/USD pairing are trending around the $1.3763 level as investors await the latest US JOLTs job openings data later on in the day.

Pound (GBP) Looks to Coronavirus Developments to Drive Movement

A lack of economic data from the UK has done little to support Sterling this morning as investors look towards domestic coronavirus developments to drive movement in the currency.

It comes as Health and Social Care Secretary Sajid Javid stated that he believed booster coronavirus jabs will get the green light to go ahead in the coming days.

Speaking to UK television this morning, Javid said:

‘I’m very confident there will be a booster programme but in terms of who actually gets it and when, we’re waiting for final advice, which could come across certainly in the next few days from the JCVI. We need to see that advice.’

‘That work is almost done and based on the timeline they’ve given us, I’m confident we could start the booster programme this month.’

Regarding rumours of a ‘firebreak’ lockdown in October, Javid went on to say:

‘I don’t think that’s something we need to consider. I haven’t even thought about that as an option at this point.’

‘I think the decisions that we’ve made in the last few weeks and certainly in the time I’ve been Health Secretary, I think they’ve turned out to be the right decisions.’

US Dollar (USD) Awaits US Job Opening Figures

The US Dollar has found itself pushing higher across the board this morning on the back of a more sour market mood.

As markets become more cautious surrounding the global economic recovery from coronavirus, investors head towards safe-haven currencies like the ‘Greenback’.

This afternoon will see the release of the latest US JOLTs job openings data for July, which will be eyed by investors.

Last week’s disappointing jobs data from the US, including ADP employment change and non-farm payrolls, could put a dampener on job openings across the US.

Pound US Dollar Exchange Rate Outlook: Initial US Jobless Claims in Focus

Tomorrow will see the release of the latest initial US jobless claims for the week ending 4th September.

If initial US jobless claims continue to fall at a sustained pace then the ‘Greenback’ could push higher across the board.

An absence of any economic data from the UK will see GBP exchange rates largely driven by any further coronavirus developments during tomorrow’s session.

Georgina Clissold

Contact Georgina Clissold