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Posted September 8th, 2014 by Charles Purdy

US Dollar in the ascendancy

The US dollar is benefitting from the uncertainty surrounding sterling and the vote on Scottish Independence. This was despite Friday’s non-farm payrolls being much lower than anticipated. They revealed that August had seen the least number of jobs added in a month for all of 2014, and as a result took some of the edge off hopes of a sooner than expected US interest rate rise. The unemployment rate did drop to 6.1% as expected, calming some of the losses.

This week, data is thin on the ground at the front end, with just the job openings figure due tomorrow, and crude oil inventories and bond auctions on Wednesday. The latter part is more active, with Thursday returning to the labour market with an unemployment claims figure. Friday is set to be the most important day for the dollar, as the retail sales figure is due. This is to be followed by the consumer sentiment data from the University of Michigan, where investors will be looking for more encouragement from the wider economic state. These will be supported by the import prices and the business inventories, to close out a mixed week.

If you are looking to buy or sell US dollars, we suggest contacting your trader now for live rates, news and currency-purchasing strategies.

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