Stocks Finish Lower in Lackluster Trade; Google Underpins Market after Close
The GBP USD finished higher on Monday in mostly range bound trading in New York. Recent U.K. economic data has supported the Pound, but gains have been limited by political uncertainty. This outlook changed overnight following the release of a new poll showing that the main opposition Conservative Party is gaining ground.
U.S. equity markets mounted a strong recovery following the news that the unemployment rate dropped unexpectedly. Although the number of jobs loss was greater than forecast, the improvement in the jobless rate helped confirm that the economy is on the road to recovery. Fear over sovereign debt issues in the Euro Region most likely limited gains.