Key Points
NEW YORK (Reuters) -The dollar weakened against most currencies on Monday after economic data showed more signs of softening in the U.S. labor market, while the pound rebounded from earlier lows after the Bank of England opened the door for an interest rate cut...
The data followed last weeks weaker-than-anticipated U.S. payrolls report and other data that showed job openings fell to a three-year low in March...
Schamotta said there were some seasonal distortions in the claims report that may have led to the higher reading, but he added that recent economic data kind of suggests that were seeing a deceleration in the worlds largest economy, and if we do see a sequential decline in U.S. consumer/producer price indices next week as well as the retail sales number, then that could prick that U.S. exceptionalism trade thats been dominating markets for quite a long time...
The BoEs Monetary Policy Committee had voted 7-2 to keep the central banks key policy rate at a 16-year high of 5.25%, with Deputy Governor Dave Ramsden joining Swati Dhingra in voting for a cut to 5%..
The yen had earlier strengthened to 155.15 per dollar, after the BOJs summary of opinions showed board members were overwhelmingly hawkish at their April policy meeting, with many citing the need for steady interest rate hikes...
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