NON-FARM PAYROLLS DISAPPOINT: US RECOVERY “ERRATIC”

Date: January 8, 2010

Crucial market data released today by the US Department of Labour revealed that US employees unexpectedly cut 85,000 jobs in December 2009, sparking fresh concerns about the recovery of the US labour market and economy. The unemployment rate remained at a steady 10pc.

The US Dollar fell sharply against a basket of currencies in response, down 0.37 pc against the euro to €1.4378. It also fell 0.87 pc against Sterling, hitting a post-announcement rate of $1.6093 from a previous $1.5990.

In response to the data, Mark Bolsom, Head of UK Trading Desk at Travelex, the world’s largest non-bank FX Payments Provider, commented, “This weak data has highlighted that not only will US economic recovery be erratic, it is not assured. A stable rate of employment is crucial in sustaining the economy when the government stimulus is withdrawn. Without this, the economy cannot sustain economic growth.

“Today’s data will be a disappointment to President Obama, whose popularity will surely take another blow. Tackling high unemployment is one of the most difficult economic challenges he faces. Clearly, this challenge will continue way into 2010.”

Ends

Media enquiries

Jessica Buttress
Head of PR for Travelex Global Business Payments UK
0208 415 4204
077954 497129
Jessica.buttress@travelex.com

Notes to editors

About Travelex
Founded in 1976, Travelex is the world’s largest non-bank foreign exchange and payments specialist; with operations across four continents and 6,000 employees worldwide.

Travelex holds key positions in its three main areas of activity: Global Business Payments (TGBP), Currency Services and Card and Mobile Payments. Every year, more than 35,000 corporate clients and 30 million customers trust Travelex to manage their foreign exchange requirements.

Recently recognised by TowerGroup research as Industry Leader for payments innovation for SMEs, Travelex currently handles international payments worth £40 billion annually for over 750 large corporate and financial institutions.

Visit www.travelexbusiness.com/uk for more information or email the press office at jessica.buttress@travelex.com