US payrolls reduced
According to figures released from ADP employer services, US companies reduced payrolls by 298,000 jobs in August in an attempt to cut costs and ride out the recession. Though employment is expected to be lag behind in terms of recovery, this has raised concerns that consumer spending will face a stilted recovery.
US factory orders also rose by less than expected, climbing by 1.3% rather than the 2.3% expected by Wall Street traders. Factory orders are a signal of ongoing demand and a rise is still taken as positive news. US markets are awaiting the release of the FOMC minutes this evening which will provide an insight into the direction of future Fed policy decisions. The Fed's Dennis Lockhart is to make a speech following the announcement.
US currency rates are currently weaker against the pound and euro, trading at 0.6150 and 0.7017 respectively.
The rates quoted above are interbank rates. Client rates may vary according to the volume and timing of the trade.