Sterling hits 15-month low vs dollar as US payrolls surge
Sterling hit a 15-month low against the dollar on Friday after data showed U.S. employers added the most jobs in nearly three years in November, the latest sign that the US recovery is gaining momentum. Nonfarm payrolls surged by 321,000 last month, while unemployment held steady at a six-year low of 5.8 per cent and wage gains picked up. That will put pressure on the US Federal Reserve, which targets employment as part of its mandate, to raise interest rates sooner rather than later. The Fed has held overnight borrowing costs near zero since December 2008. Futures markets moved to point to a first rate hike in July after the data, having been pricing in a rise in September before it was released. Sterling fell to $1.5571, its weakest since September 2013. It last traded near $1.5584, down 0.6 per cent on the day.
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