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You can find the current article at its original source at https://www.theguardian.com/business/live/2016/jul/08/pound-steadies-as-markets-await-key-us-jobs-report-business-live
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| Version 0 | Version 1 |
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| Pound steadies as markets await key US jobs report - business live | Pound steadies as markets await key US jobs report - business live |
| (35 minutes later) | |
| 8.22am BST | |
| 08:22 | |
| European markets open roughly flat | |
| Markets are not exactly off to a flying start this morning, as investors await the main event of the day from the US at 1.30pm (UK time), when the June payrolls report will be published. | |
| The FTSE 100 is up 8 points. | |
| 8.10am BST | |
| 08:10 | |
| UK consumer confidence plunges | |
| A report published overnight shows consumer sentiment has taken a hammering in the aftermath of the Brexit vote. | |
| GfK’s long-running index of consumer confidence dropped eight points to -9 in a special report to measure sentiment after the vote. | |
| It was the sharpest drop in 21 years. A breakdown of responses showed that people who voted to remain in the EU were feeling the least confident, at -13, while leavers were less pessimistic at -5. | |
| GfK noted a fall across all the survey’s key indicators, including the outlook for household finances and people’s appetite for splashing out on major purchases. | |
| Joe Staton, head of market dynamics at GfK: | |
| In these extraordinary times this one-off Brexit special gauges the temperature of consumer confidence right now. | |
| During this period of uncertainty, we’ve seen a very significant drop in confidence, as is clear from the fact that every one of our key measures has fallen, with the biggest decrease occurring in the outlook for the general economic situation in the next 12 months. | |
| Read our full story on the report here: | |
| Related: Brexit vote batters consumer confidence | |
| 7.50am BST | 7.50am BST |
| 07:50 | 07:50 |
| The agenda: US payrolls and UK trade | The agenda: US payrolls and UK trade |
| Good morning, and welcome to our rolling coverage of the world economy, the financial markets, the eurozone and business. | Good morning, and welcome to our rolling coverage of the world economy, the financial markets, the eurozone and business. |
| The main focus of the day is the US payrolls report for June. | The main focus of the day is the US payrolls report for June. |
| The report has particular significance this month following an absolute shocker last month, when it emerged the number of jobs added in May was just 38,000. Economists were expecting a 164,000 increase in jobs... | The report has particular significance this month following an absolute shocker last month, when it emerged the number of jobs added in May was just 38,000. Economists were expecting a 164,000 increase in jobs... |
| It was the weakest growth in jobs since September 2010, and the numbers for March and April were also revised down. | It was the weakest growth in jobs since September 2010, and the numbers for March and April were also revised down. |
| Related: US economy adds paltry 38,000 jobs in May for weakest growth since 2010 | Related: US economy adds paltry 38,000 jobs in May for weakest growth since 2010 |
| Investors will be looking for improvement in today’s numbers, and hoping the sharp slowdown in May was just a blip. Economists polled by Reuters are forecasting a 175,000 increase in payrolls in June. | Investors will be looking for improvement in today’s numbers, and hoping the sharp slowdown in May was just a blip. Economists polled by Reuters are forecasting a 175,000 increase in payrolls in June. |
| If the number comes in strong, the expectation will be that the Federal Reserve will raise rates sooner rather than later, possibly in September. | If the number comes in strong, the expectation will be that the Federal Reserve will raise rates sooner rather than later, possibly in September. |
| Another shockingly weak number would raise concerns that a worrying trend is emerging in the US labour market, putting a rate rise off the table for the time being. | Another shockingly weak number would raise concerns that a worrying trend is emerging in the US labour market, putting a rate rise off the table for the time being. |
| The Fed is, of course, weighing up other factors, not least what impact Britain’s decision to leave the EU will have on the US economy. | The Fed is, of course, weighing up other factors, not least what impact Britain’s decision to leave the EU will have on the US economy. |
| Meanwhile the pound is settled at the moment, hovering around $1.29 and currently at $1.2934. | Meanwhile the pound is settled at the moment, hovering around $1.29 and currently at $1.2934. |
| Also coming up today we have UK trade data for May. Although it covers the period before the referendum on 23 June, it will serve as a timely reminder of Britain’s current trade position with the rest of the world. | Also coming up today we have UK trade data for May. Although it covers the period before the referendum on 23 June, it will serve as a timely reminder of Britain’s current trade position with the rest of the world. |
| The IMF will publish its latest take on the eurozone at 2pm UK time. | The IMF will publish its latest take on the eurozone at 2pm UK time. |
| We will bring you all the latest developments as they happen. | We will bring you all the latest developments as they happen. |