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Posted October 31st, 2014 by Charles Purdy

US Dollar has a good week

The dollar today pushed back up above the 1.60 level following a strong performance last night at the US Federal Reserve meeting, which saw the completion of the central bank’s quantitative easing programme. Despite this, the currency began to weaken throughout the day after jobless claims rose and growth was above expectations at 3.5% in the third quarter, higher than the forecast of 3% but down from the previous quarters 4.6%. Even though it was above forecast, with consumer and business spending decreasing this was not seen as positive news for the currency.

Yesterday jobless claims came out at 287,000, keeping below the 300,000 mark for 7 weeks in a row. This was slightly above the predicted figure of 283,000. Overall, the reports have proved the Fed’s view that the economy is strong at the moment, keeping an early rate hike possible for now.

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 October 30th, 2014 by Charles Purdy

US dollar boosted by Federal reserve announcement

The Federal Reserve monthly meeting announcement surprised the markets last night. It wasn’t that they confirmed the end of quantitative easing, this was widely expected, it was the language they used to describe the US labour situation which had shifted from that of saying there was significant underutilization to stating that they saw labour resources gradually diminishing. This increased the markets belief that interest rates were coming sooner rather than later which immediately say the US dollar gain significant ground across the board and head back towards four year highs against a basket of major currencies.

This is the second last Federal reserve meeting of the year, the next one is on December 16th.

Posted October 29th, 2014 by Charles Purdy

All eyes look to the Fed today

The US Dollar weakened across the board today as a Federal Reserve interest rate hike seemed to move further away after durable goods data disappointed, having now fallen for two months in a row. The U.S. Commerce Department reported that durable goods orders had fallen 1.3% between September and August – well away from the expected 0.5% increase and following the massive 18.3% reduction in August. The key data of business spending also fell 1.7%, the lowest level we have seen for eight months and in direct contracts from the 0.6% increase expected.

This poor data has increased the markets interest in today’s Federal Reserve meeting announcement and whether or not they stop their programme of quantitative easing.

Posted October 28th, 2014 by Charles Purdy

US Dollar has a “slow start” to the week

We predict a big week for the US economy, with the dollar on a weaker footing in comparison to previous weeks – moving above 1.61 levels again –and there is still plenty of risk lying ahead, as the world economy continues to struggle. For the rest of the week, the US dollar will be affected by the Federal Reserve statement on Wednesday, where they are expected to announce the end of quantitative easing and a return to the more orthodox approach of an interest rate driven policy. But an interest rate hike does however seem months away, and this will still remain a crucial stepping stone for the American currency.

Posted October 27th, 2014 by Charles Purdy

US Dollar affected by economic data and Ebola in New York

The US dollar finished last week on a disappointing note, thanks to both economic data and the confirmed diagnosis of Ebola in New York. Elsewhere the new home sales figure from the country were below estimates, which also hindered the dollar’s performance.

This week starts with medium intensity, with the pending home sales due today. Tomorrow sees the first pair of significant releases – first the durable goods orders, followed by consumer confidence. Mid-week will again bring the most important news, as the Federal Reserve have their latest meeting on policy and rates. This is a focus for investors at present, so they will be keen to see if there are any clues as to whether this will happen sooner rather than later.

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