The pound is finding some relief as traders mull the implications of jobs figures from the US economy, which have boosted the mood on global stock markets, helping the FTSE rise over 1% at the end of a rough week.
The US payroll report is the fourth in a row to beat expectations, but has done so by a smaller margin in August, showing a softer rate of jobs growth, giving the Federal Reserve food for thought on the impact of its rate hikes. Wall Street futures are stronger and the dollar’s strong run higher is easing.
It has helped pound bounce up off a two-year low against the greenback which came amid fears about a prolonged recession in the UK.
