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Posted September 30th, 2013 by Charles Purdy

No agreement from the politicians could weaken the US dollar

Friday closed out the US dollar’s week in quiet fashion, with no drastic events to impact the markets although debt worries were at the forefront of traders’ minds. The Republicans and Democrats have failed to come to an agreement regarding the US budget over the weekend and as a result it is looking increasingly likely that tonight we will see a US government shutdown for the first time in 17 years. Investors will have to wait until tomorrow for the first piece of important data outside of the developments regarding the budget, which will be the manufacturing purchasing managers index (PMI) data from the Institute for Supply Management. Moving to the middle of the week, on Wednesday we have the ADP non-farm employment change, and on Thursday we have the non-manufacturing PMI and the weekly unemployment claims. On Friday we have the highly influential non-farm employment change and the overall unemployment rate – with an improving labour market heavily linked to the Federal Reserve commencing its tapering program – these figures could spark a significant reaction in the market. Call your trader now for the latest US dollar rates, at the start of a bottom heavy week.

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Posted September 27th, 2013 by Charles Purdy

Uncertainty over tapering and debt ceiling undermine the US dollar

The US dollar didn’t get off to a very good start to the week, as reaction to the tapering revelations continued. Words from a member of the Federal Open Market Committee further impacted on the currency, as he supported the decision to not reduce the bond buying levels. Worse than expected flash manufacturing data also undermined the dollar. Things picked up on Tuesday, after more member of the FOMC spoke, and prompted speculation that tapering was actually more likely to be implemented sooner. Wednesday was quiet, as most data including the new homes sales was in line with expectations. Positive unemployment levels helped the dollar yesterday, especially as this is closely linked to whether this will get started soon.

Posted September 26th, 2013 by Charles Purdy

Will todays US employment data upset the US dollar?

The US dollar remained relatively quiet yesterday, with few big developments to affect the strength of the currency. New home sales were in line with expectations, while the core durable goods orders was slightly behind its estimate, slightly harming the dollar. Today, unemployment claims are the most important figures expected, especially given that an improving labour market was cited as important in relation to the Federal Reserve tapering its quantitative easing program. Good figures are likely to give backing to the Federal Open Market Committee (FOMC) voting in favour of tapering in October and could cause a reaction in the relative strength of the US dollar.

Posted September 25th, 2013 by Charles Purdy

US dollar has a good day

The US dollar performed well yesterday, despite no significant or unexpected data releases from stateside. With consumer confidence coming out at the expected level, it was only speculation on the ever present tapering situation that buoyed the currency yesterday, as investors followed the mind-set that the Federal Reserve would start reducing the bond buying process sooner rather than later. Following comments from more members of the Federal Open Market Committee (FOMC), speculation rose that tapering could commence next month countering the US dollar sell off we saw last week when the FOMC decided against implementation. Today could give further support to this idea, with more physical data due.

Posted September 24th, 2013 by Charles Purdy

US dollar still under pressure from lack of tapering

The US dollar had a bad start to the week, falling against most of it most traded partners thanks to the continued fall out and advances on the tapering program. Yesterday’s losses came on the back of a speech from a member of the Federal Open Market Committee in which he highlighted his support for the decision to not introduce tapering too soon even though US economic data was positive. The currency was also harmed slightly as flash manufacturing data came out lower than the expected levels. House price index and consumer confidence continue the data releases for the week, and these results will likely be the major influences over the strength of the dollar today.

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