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Posted October 31st, 2013 by Charles Purdy

No tapering in the short term boosts the US dollar

There were a number of key US data releases yesterday which came out largely in line with market expectations. The only notable surprise came in the form of ADP employment data which measures the change in the number of employed people within the US. Analysts had forecasted +150,000 growth which turned out to be higher than the actual figure of +130,000. The US dollar weakened slightly but further losses were limited as attention turned to the evenings FOMC policy meeting. The Committee decided against tapering the current quantitative easing program as it waits for more “evidence” to do so. It also acknowledged a gradual improvement in the US economy but noted the recent slowdown in the housing market. The US dollar gained substantially against all major trading counterparties after the announcement but interestingly there was no mention of the recent 16-day government shutdown. Many economists believe the event has forced the Federal Reserve to reconsider any tapering until early 2014.

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Posted October 30th, 2013 by Charles Purdy

Data benefits US dollar

The US dollar had a quietly convincing day yesterday, enjoying a third straight gain against sterling, and making ground on the euro as well. This came about as the Federal Open Market Committee begun their two day meeting, with its conclusion and results due out later today. After the recent government shut down and its surrounding issues, it is highly unlikely that any tapering by them will start until the new year, and this is expected to be confirmed by the members following this meeting. However, the dollar gained ground, as many may have been lowering their risk positions before this.

Posted October 29th, 2013 by Charles Purdy

Will todays data releases weaken the US dollar

The US dollar managed to hold a steady level yesterday, with a relatively quiet day on the data front. Pending home sales was the major release of the day, and despite coming in a long way behind expectations, failed to provoke any major shifts in the currency’s strength. Many investors will look to tomorrow, when the results of the Federal Open Market Committee’s two-day meeting will be heard. While many now believe tapering is not likely to be seen before the first months of next year, this meeting remains a highly interesting gauge to investors. Before that, however, today is filled with influential data from the US.

Posted October 29th, 2013 by Charles Purdy

Will todays data releases weaken the US dollar

The US dollar managed to hold a steady level yesterday, with a relatively quiet day on the data front. Pending home sales was the major release of the day, and despite coming in a long way behind expectations, failed to provoke any major shifts in the currency’s strength. Many investors will look to tomorrow, when the results of the Federal Open Market Committee’s two-day meeting will be heard. While many now believe tapering is not likely to be seen before the first months of next year, this meeting remains a highly interesting gauge to investors. Before that, however, today is filled with influential data from the US.

Posted October 28th, 2013 by Charles Purdy

US dollar hopes for a better week

The US dollar had a mixed end to the week as it fluctuated against sterling and the euro. The two main sets of manufacturing data that were released had opposing impacts on US dollar performance. Figures for core durable goods orders – which exclude orders for transportation goods – were down on predictions, however figures that included orders for all goods were much improved. As a result, the euro – US dollar rate remained at around 1.38 whilst gains were made throughout the day against sterling. Looking ahead to this week the first key release is set to be today’s monthly pending home sales data.

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