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Dollar rises as US jobs data beats expectations
Having experienced a blip over the summer, the US jobs market continued its recovery in October, creating 230,000 new jobs, data by payroll company ADP showed today.
The figure beat expectations of 220,000, causing the dollar to rise 0.4 per cent against both the pound and the euro.
The data comes ahead of Friday's non-farm payroll report, which is expected to repeat suggestions the market is recovering.
In September, the US added 248,000 jobs, 37 per cent higher than August's disappointing 180,000.
If recovery continues at this strength, pressure will begin to build on the Fed to raise interest rates. Last week, it said it expects to keep rates low "for a considerable time", but if the recovery is stronger than expected, that may change.