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Posted August 30th, 2013 by Charles Purdy

US dollar strengthens as fears of Syrian concerns mounts

Developments in Syria helped the US dollar to strengthen through the course of the week in spite of mixed data being released. As the threat of military action looms (although this threat subsided somewhat yesterday), investors have been looking to what are seen as the safer currencies – of which the US dollar is one – in order to minimise their risk. As such, we have seen the US dollar make decent gains against most of its partners throughout the course of the week. Data from the country this week has been mixed, with pending home sales and core durable goods orders being behind estimates, while consumer confidence and preliminary GDP came in ahead of predictions. Following the Federal Open Market Committees (FOMC) minutes released last week, all data becomes important as it influences the possibility of the Federal Reserve tapering its quantitative easing program, which many feel may well commence as early as next month. As such, the comments coming from the speech made by one of the members of the FOMC today may well influence the market. Furthermore, we have consumer sentiment figures, inflation data and personal spending data released. Get in touch with your trader now for the latest rates on the US dollar, as both internal and external factors affect it.

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Posted August 29th, 2013 by Charles Purdy

US dollar strengthens as investors seek safer havens

The US dollar made the most gains for the week thanks to the unrest with Syria and the perceived likelihood of US military action. As such, investors looked to the US dollar – as one of the safer options in the market – to lower their risk, which would be an important factor should any military action be taken over the alleged use of chemical weapons. Data from the US showed that pending home sales came out significantly below expectations and whilst it had little immediate impact on the US dollar amid the Syria situation, it may have a long term effect due to the fact that it detracts from the promising economic picture that supports the introduction of tapering. Today, preliminary GDP figures and unemployment claims are due out from the country – both significant pieces for the health of the economy. However, further developments with Syria could be the most important factor for the US dollar. Get in touch with your trader now for the latest price for the US dollar, with plenty going on to influence its performance.

Posted August 28th, 2013 by Charles Purdy

Concerns over Syria and consumer confidence data creates volatility for the US dollar

Yesterday was a mixed day for the US dollar, as fears of the crisis in Syria escalating further were met alongside consumer confidence data which came in better than expected. The US dollar rallied somewhat due to its perceived safe haven status with t…

Posted August 27th, 2013 by Charles Purdy

A busy week ahead for the US Dollar

Friday was a disappointing day overall for the US dollar, with notable losses experienced against both the Japanese yen and the euro. This came following the shock data results regarding new homes sales, which showed that purchases on new homes stateside plunged to their lowest levels for more than three years. This reaction may well be magnified following the minutes from the Federal Open Market Committee’s meeting – US economic data since having expected to be closely scrutinised for implications on the likelihood of beginning the tapering program. This week is laden with data from the US and as such the currency is open to a large degree of volatility, depending on how these results fare. Yesterday we saw core durable goods orders data fall significantly short of market predictions, with a drop in orders of 7.3% when only a 4% drop had been anticipated. Today holds results from a consumer confidence survey; on Wednesday there will be monthly pending home sales, and Thursday holds possibly the most critical day for the currency, as there is both preliminary GDP and unemployment data released – two big indicators on the country’s economy. Get in touch with your trader now for the latest price on the US dollar in a busy week with the potential for shifts either way in the currency.

Posted August 23rd, 2013 by Charles Purdy

FOMC meeting minutes leave us no clearer on a definitive timescale for when “tapering“ could commence

The US dollar started the week slowly, as little influential data was released and investors maintained a tentative mind-set ahead of the minutes from the most recent Federal Open Market Committee meeting. As questions over tapering continued to be asked, these minutes were important in trying to ascertain a more concrete time frame for when this may start to be implemented; when it is we can surely expect the dollar to strengthen as the printing of money to buy bonds continually weighs down on the currency. However, the minutes still failed to deliver a clear sign as to exactly when the process would be dialled back, although it did show wide spread support within the committee for chairman Ben Bernanke’s set time frame. General consensus still points to September for the process to start, while in the meantime any economic data from the country is sure to be closely scrutinised and have further significance should it support the implementation of tapering. Yesterday saw unemployment claims come in at a five year low and the housing price index ahead of predictions, again further signs of a healthy economy and what would appear to be encouragement for the Federal Reserve to start tapering. The only data left for today is that of new homes sales figures; however, the three day Jackson Hole Symposium started last night and any comments from influential officials could cause significant volatility. Call your trader today for the latest US dollar rates, as an important week for the currency comes to a close.

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