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Sterling up ahead of US payroll data release

Sterling up ahead of US payroll data release
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The value of sterling has climbed during morning Forex trading today (June 4th) and could be set to rise further this afternoon following the release of payroll data in the US.

Latest non-farm payrolls data is due to be published at 13:30 BST and investors believe the results will be strong, which may help demand for riskier currencies such as the pound, Reuters reports.

At 08:47 BST the British currency was up 0.2 per cent against the dollar, putting it on $1.4635, while it was largely unchanged at 83.25p compared to the euro.

Commenting, currency strategist for CMC Markets Michael Hewson said good payroll statistics "could translate into slightly more risk demand which could benefit currencies like the pound and the euro".

A poll by Reuters, estimated the data will indicate 513,000 jobs were created in the country last month.

The FTSE 100 is also up in anticipation of positive results, climbing 0.37 per cent to 5,230.49 points at 11:43 BST.

Posted by Clive ArneilADNFCR-1681-ID-19818430-ADNFCR