The British Pound posted solid gains, rising 0.28% on Friday as the currency managed to recover some of the losses offset from the sharp declines earlier. The weak NFP print puts to question the Fed's intentions of a rate hike with at least October now being off the table. Friday’s rally in the GBPUSD brings back the debate on the prospects of the rate hikes from the Bank of England in comparison to the US Federal Reserve. While the futures markets are slowly pushing back rate hike expectations, data from the UK remains firm in comparison. Technically, GBPUSD will see resistance at 1.5386 so long as it manages to stay above the current support at 1.5216 - 1.5131 which has managed to hold prices in the previous three attempts. The biggest gains however came from the unlikely Canadian dollar. Despite the downside risks to the commodity markets, the Canadian dollar managed to hold its ground to the Greenback where prices briefly posted a 11-year high at 1.3456 last month. However, the USDCAD’s trend remains strongly to the upside with the fundamental risk being the monthly jobs numbers from Canada later this week. For the week, the Canadian Dollar gained as much as 1.23% to the US Dollar.
September Payrolls Disappoints!
Weekly Report - 04/10/2015