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Posted August 6th, 2014 by Charles Purdy

US Dollar boosted by positive data

The US dollar had a more positive day yesterday, making gains against the majority of its major partners aside from a stronger sterling. The US currency was boosted by encouraging data from stateside, pushing the dollar near to the highest point in eight months against the euro. Both of the major releases from the US showed good signs of a strengthening economy, with the non-manufacturing Purchasing Managers’ Index (PMI) and factory orders showing better-than-expected results. With the pace of US growth showing this increased pace, US assets are growing in appeal, reflected in dollar performance.

Today holds just the one piece of interest for US investors, but being from the labour market it is an important one. The figure due is that of unemployment claims, which will be of particular interest given its strong ties to possible interest rate rises. As such, positive figures could continue to bolster hopes of this happening earlier than expected.

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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