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Posted June 30th, 2014 by Charles Purdy

US Dollar expected to be affected by multiple releases this week

The US dollar ended last week with a continuation of its recent slump, but did manage to end the day higher than it started thanks to a drifting sterling. This extended decline of the dollar was thanks to run of negative sentiment emanating from the US, most notably the growth figures for the country which showed a surprise decline of 2.9% especially when the provisional figures had shown a growth 0f 0.1%!. As a result, the dollar lost ground against many, with three consecutive days of losses against the yen.

This week, the US will start to look for more positivity from this afternoon, with the pending home sales being the first data release of many. Tomorrow holds the Purchasing Managers’ Index figures from the manufacturing sector, before Wednesday brings the first of the monthly labour figures. This comes in the shape of the independent version of the non-farm employment change, ahead of words from Chairwoman of the Federal Reserve Janet Yellen. Thursday is expected to be a busy one, with four highly influential pieces due simultaneously. The official non-farm employment change, an ever important figure, comes alongside further labour figures in the unemployment claims and unemployment rate, as well as the trade balance. Later that afternoon is the non-manufacturing PMI, before Friday closes a truncated week with nothing, as a bank holiday for Independence Day ends the week.

If you are looking to buy or sell US dollars, we suggest contacting your trader now for live rates, news and currency-purchasing strategies.

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Posted June 27th, 2014 by Charles Purdy

US Dollar experiences varied fortunes throughout the week

The US dollar has seen varying fortunes this week, thanks to conflicting sentiment emanating from the country. Monday started with continuing negative reaction to the words from Janet Yellen last week. As Chairwoman of the Federal Reserve, her view that the current low interest rates would be maintained caused the dollar to stay on its downwards path, even with the existing home sales figure beating its expectations. This trend was halted on Tuesday, however, as the new home sales also beat expectations to give more positivity for the dollar. This was short lived though, mid-week saw the two influential releases both miss their expected levels.

Posted June 26th, 2014 by Charles Purdy

US Dollar falls against most partners

The US dollar slipped back yesterday, failing to build on Tuesday’s more positive outlook. With its two major data points of the day both showing worse than expected results, the dollar fell against most of its partners, including to a two week low against the euro. It did, however, manage to end the day slightly higher against sterling. The drivers of these movements were the durable goods orders, which showed an unexpected decline, and Gross Domestic Product which showed that the economy shrank by 2.9% for the first quarter of 2014. This was more of a contraction than expected, and in fact was a level not seen since the height of the recession.

Posted June 25th, 2014 by Charles Purdy

US Dollar gains reversing losing streak

Yesterday was a more positive day for the dollar, reversing the recent downward trend and ending the day with gains against most of its major partners. This was heavily affected by better than anticipated data from the housing market. It is thought that this will have a similar effect on consumer confidence.

Today provides further cause for dollar movements, thanks to a number of expected announcements. The core durable goods orders will be released first, followed swiftly by the final growth figures for the first quarter of 2014. This is quite a significant release as it shows the overall growth of the country’s economy, and so investors will be keen to see its reflection of the country and its currency.

Posted June 24th, 2014 by Charles Purdy

US Dollar continues to be affected by Yellen’s statement

The US dollar continues to be under pressure thanks to continued reaction from last week’s words from Janet Yellen. As Chairwoman of the Federal Reserve, her statement that low interest rates would be maintained for the foreseeable future caused further negativity for the US currency. Yesterday gave a small piece of positivity for the currency, as the existing home sales came in ahead of expectations. However, there was little else to provide support, and the currency ended the day behind.

Today holds a few more points of interest, with the consumer confidence due alongside the new home variant of yesterday’s data.

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