The shilling’s trundle downwards continued for the third consecutive day on Thursday on the back of weakening sentiments and augmented demand for the greenback.
The USDUGX pair began the day holding steady, but this changed in late trading after corporates flooded counters in a bid to pick up the dollar in order to meet their monthly obligations
Ahead of the weekend, indications are that market may now hold out in current ranges, before committing to fresh direction.
The U.S dollar rose on mostly positive employment figures, the Challenger Job cuts report showed that US-based employers announced plans to cut 60,587 jobs from their payrolls in March, down 21% from the cuts announced in February.
Additionally, Initial Jobless Claims for the week ended March 29 decreased to 202K, its lowest in nearly five decades.
The GBP/USD pair fell below the 1.3100 line, as hopes that the UK could avert a no-deal Brexit decreased by the hour.
The UK House of Commons passed by just 1 vote a bill to prevent such a scenario, that still needs to go
through the House of Lords. Frantic talks between PM May and opposition leader Corbyn continue.
The EUR/USD pair edged lower on Thursday, trading at 1.1225 levels, amid a combination of scarce macroeconomic releases and the wait-and-see stance typical on the day previous to the US Nonfarm Payroll report release.
Dismal German Factory Orders capped the euro’s advance, printing a decline of 4.2% month on month and of 8.4% year on year, much worse than anticipated.