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Posted November 29th, 2013 by Charles Purdy

US dollar has a bad week weakening across the board

The US dollar’s week has been far from impressive, with a mix of strong and weak US economic data being somewhat overshadowed by the currency hitting the lowest level since January against sterling. As was the case last week, Monday brought further speculation surrounding the potential tapering of the Federal Reserve’s quantitative easing program. US dollar prices fluctuated as home construction data came in ahead of expectations, whilst consumer confidence fell short of market estimates. After hints that we could see tapering at Decembers central bank meeting, impressive unemployment figures from across the pond helped further cement this idea in traders’ minds before comments from Federal chairman Ben Bernanke quickly suppressed this idea as he raised concerns about the economy’s long term prospects. Yesterday then saw no economic data released from the US as bank’s were shut in accordance to the Thanksgiving bank holiday, creating decreased liquidity and in turn a higher degree of volatility in the market. No significant economic data releases are scheduled for today that could impact the US dollar, although as always, it is the unexpected that drives the most significant market movements. Get in touch with your trader now for the latest dollar rates, after a disappointing week for the US dollar.

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Posted November 29th, 2013 by Charles Purdy

US dollar has a bad week weakening across the board

The US dollar’s week has been far from impressive, with a mix of strong and weak US economic data being somewhat overshadowed by the currency hitting the lowest level since January against sterling. As was the case last week, Monday brought further speculation surrounding the potential tapering of the Federal Reserve’s quantitative easing program. US dollar prices fluctuated as home construction data came in ahead of expectations, whilst consumer confidence fell short of market estimates. After hints that we could see tapering at Decembers central bank meeting, impressive unemployment figures from across the pond helped further cement this idea in traders’ minds before comments from Federal chairman Ben Bernanke quickly suppressed this idea as he raised concerns about the economy’s long term prospects.

Posted November 28th, 2013 by Charles Purdy

US dollars hits year low against sterling

The US dollar had a mixed day in itself yesterday, despite hitting a year low against sterling following strength from the UK currency. Unemployment claims from stateside helped the dollar claw back some of this lost ground, as it came in ahead of expectations. Given its influence over when the Federal Reserve will start to taper its quantitative easing program, strong figures from this area continually stoke the fire of an earlier taper, although the prospect of a December taper was dampened somewhat by comments from Federal Reserve Chairman Ben Bernanke. In his speech, he revealed that the central bank garnered concerns about the long-term prospects for their economy, even with the strong projected growth for 2014.

Posted November 27th, 2013 by Charles Purdy

Poor US consumer confidence undermines the US dollar

The US dollar had a mixed day with one major data release surpassing expectations and the other falling short. Building permits data was the first of these to be released and this showed that the number of applications for home construction issued in October was the highest monthly figure for five years. This result pushed the US dollar higher, although these gains were cancelled out after a measure of consumer confidence failed to reach its expected level. Today sees two more significant releases for the dollar issued simultaneously, with core durable goods orders and unemployment claims both to be heard later this afternoon.

Posted November 26th, 2013 by Charles Purdy

Data disappoints but taper talk boosts the US dollar

The US dollar started the week in positive fashion strengthening against the majority of it counterparts throughout the day after the Federal Reserve hinted that it may begin tapering its quantitative easing program in the near future. This US dollar strength came in spite of data released showing that the number of homes pending sale fell for a fifth month in a row in October. Today’s US Consumer Confidence figures could have a significant impact on the strength of the US dollar when they are announced later. The bulk of other significant data releases for the US are due on Wednesday and strong results either way on these upcoming figures could have a knock on effect on the Federal Reserve’s plans for tapering its quantitative easing program.

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