Good Friday NFP and GBP/USD
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Non-farm payroll increased by 180K in March after a 113K gain in February. (revised from 97K). Economists had forecast a number close to 134K. Just after the release we saw dollar strengthening across the board, since positive NFP numbers might postpone the much expected Fed rate cut.
However, stengthening of the dollar after the news release was somewhat limited. As far as the GBP/USD is conserned 1.9634 (61.8% fibonacci retracement Jan high, March low) proven to be a good support level. BOE did not raise rates yesterday, but there's a big chance they'll do it next time, so I see pound strengthening in the weeks to come, since even strong NFP couldn't knock out its bullish trend.
Happy trading
Steven
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