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Posted July 31st, 2014 by Charles Purdy

US Dollar continues its ascendancy

Wednesday saw the US dollar extend to 10 month highs against various other major currencies, following data on second quarter growth which highlighted that the economy bounced back strongly after a first quarter contraction. The Commerce Department report stated gross domestic product grew at an annual rate of 4%, outstripping forecasts of just under 3%. On top of this, personal consumption – predicted at 1.9% – grew well above predictions to 2.5%. The general consensus following Wednesday’s report is the U.S economic recovery is gaining momentum. We also saw over 200,000 jobs added to the US economy in July which was slightly under expectations but the third month in a row where the figure had exceeded 200,000. We also had the latest Federal Reserve meeting where the decisions were very much as expected; no change in interest rates and a further cut of US$10 billion in quantitative easing.

Looking to today, the most important release in the U.S. will be unemployment claims this afternoon. This will report the number of individuals who filed for unemployment insurance for the first time during the past week. Any surprises could cause shifts for the US dollar in currency markets

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 July 30th, 2014 by Charles Purdy

US Dollar still in the ascendancy

The US Dollar had a strong day today, continuing the good run it has been on for the past month. This was led by gains against Australia, New Zealand, Canada and Europe, hitting multi-month highs against all these currencies. Yesterday was a particularly good day for the US as consumer confidence came out much higher than the original forecast. Expected at 85, it registered at 90.9. This boosted the US dollar, which strengthened against sterling all day.

But will the good news for the dollar be short lived as we have a number of key releases today, tomorrow and Friday? Today we have the US Federal Reserve meeting statement where expectations are for no change in policy.

Posted July 29th, 2014 by Charles Purdy

US Dollar waiting for tomorrows economic releases

The dollar maintained its recent highs against numerous other major currencies in subdued Monday trade as investors wait for key economic events at the latter end of the week. Although support for the dollar remained on Monday, it is worth keeping an eye on both the U.S. employment report and US Federal Reserve statement, which are both due out tomorrow.

Federal Reserve Chair Janet Yellen suggested earlier in the month that interest rates may rise if the labour market continued to recover, so investors will be watching the statement for any clues as to when this may happen. Expect another quiet day for the US dollar today unless some event or news elsewhere has an impact.

Posted July 28th, 2014 by Charles Purdy

US Dollar in the ascendancy but for how long?

The US dollar had a largely positive day on Friday, making gains against the majority of its partners to close out a successful week. A final push of positivity came thanks to the core durable goods orders figure. On release, this showed a bigger increase than expected, adding to beliefs that the US economy is outperforming many of its peers.

This week’s data starts immediately, with pending home sales figures due this afternoon. Tomorrow sees the consumer confidence figure released, and Wednesday brings a multitude of significant events. As ever, the independent non-farm employment change will be of interest as a precursor to the official figure, while growth figures will provide a good overview of the economy as a whole.

Posted July 25th, 2014 by Charles Purdy

US Dollar has a good week

The US dollar started the week slowly, with markets tentative ahead of the inflation data release on Tuesday. The results showed that the overall level had remained at 2.1%. Alongside this, the existing home sales showed a better-than-expected figure – the data sets combined to drive the dollar to the highest level of 2014 against the euro. This trend was also helped by market speculation, as investors focused on long-term disparities between economies and future prospects. A quieter day then followed, with the dollar remaining high against the euro.

Yesterday saw further strong performance from the US currency, thanks to positivity from the labour market.

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