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Posted March 31st, 2014 by Charles Purdy

This week’s employment data could boost the dollar

The US dollar continued the week’s trend of varied results on Friday, with data from stateside on the quiet side. The biggest movement came against the euro, where the dollar weakened following positive data from Germany.

A very busy week for US data starting today with minor data in the shape of the Chicago Purchasing Managers’ Index (PMI), as well as words from Federal Reserve Chairwoman Janet Yellen, which are likely to be more influential. Tomorrow then brings the March purchasing managers’ indices (PMI) for manufacturing, before Wednesday’s independent non-farm employment change figure. More data on Thursday with the release of trade balance figures, labour data in the form of unemployment claims plus the non-manufacturing PMI. Friday could well be the most important for the dollar, as the ever-anticipated official non-farm employment change is released alongside the unemployment rate in the crucial labour market. These many types of data are indicators of economic health, the result of which will be reflected in the strengthening or weakening of the US dollar against other currencies.

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Posted March 28th, 2014 by Charles Purdy

US Dollar holds steady

The US dollar had a largely quiet week, with little movement of note at the start of the week. An indicator of health in the manufacturing sector came out slightly behind expectations, but had little impact on the dollar’s performance. Consumer confidence figures out on Tuesday were ahead of expectations, while new home sales failed to meet predictions, which left the dollar trading within a narrow range.

Wednesday saw some more variation, with the dollar making gains against most other currencies but dropping against sterling. Yesterday then saw further mixed results, resulting in varying fortunes against the other currencies. The main movement was a weakening against sterling, given positive UK data.

Posted March 27th, 2014 by Charles Purdy

US data disappoints

The US dollar again suffered a mixed day yesterday, with gains against the majority of its major currency partners offset with a weaker performance against sterling and the currencies of emerging economies. An expected increase in US durable goods orders was not met during February, falling by 0.1% as production failed to rebound following a particularly harsh winter.

This data, along with a calming of fears surrounding the Ukraine crisis, saw the dollar lose ground against less established currencies, although sustained belief that the US Federal Reserve will continue tapering of its stimulus package saw the dollar strengthen against the euro.

Posted March 26th, 2014 by Charles Purdy

US dollar steady

The US dollar again had a mixed day, with no significant movements of note. The US currency steadily weakened against sterling, but made gains against the euro. Data from the country was varied, with consumer confidence figures coming in ahead of expectations, but new home sales data missing predicted figures. As a result, there was no clear movement from the US currency, as again it remained relatively flat.

Today, there is just the one main piece of data due, the core durable goods orders figure. Measuring the change in the value of orders for manufactured goods that last for at least three years, this is an indicator of economic growth or contraction, and could have significant impact on the US dollar.

Posted March 25th, 2014 by Charles Purdy

US Dollar steady

The US dollar had a muted start to the week, with little major movement for the country’s currency. The dollar traded within a narrow range throughout the day, as data from the country was very thin on the ground. The only release for the day was the flash Manufacturing Purchasing Manager’s Index. An indicator of health in the manufacturing sector, this came out slightly behind expectations. This result was not hugely influential, however, and as such the dollar remained little changed from its opening levels.

Today sees a couple of data points liable to be slightly more significant, in the shape of consumer confidence and new home sales figures.

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