Political Uncertainty and US Jobs Data in Focus

In the next upcoming weeks, political tensions can rise for the UK. Last night Andy Burnham stated that if he sees support, he will contest Keir Starmer for the Prime Minister post. By-election will start to take place in June, and if we start seeing more headlines of challenging from Burnham this could lead to effects on GBP currency pairs. Burnham’s view of higher taxation and larger gilt issuance can present a downside risk to GBP. 

Today’s focus will be on the US non-farm payroll which is announced at 1.30pm. Payroll growth is expected to have slowed in May from the prior month, with forecast of 85k created jobs. April did outperform expectations and reached 115k. Non-farm payroll have in the last half year outperformed expectations in four out of the six months. 

GBP/EUR 1.1542 GBP/USD 1.3439 GBP/AED 4.9380

GBP/AUD 1.8845 GBP/CHF 1.0585 GBP/CAD 1.8665
GBP/NZD 2.2888 EUR/USD 1.1628 GBP/ZAR 21.9117

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