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Posted November 28th, 2014 by Charles Purdy

US Dollar benefits from Thanksgiving

The US dollar had a mixed week, with a dip mid-week, which was sandwiched by more positive days. The week started in solid fashion, holding near its four-and-a-half-year highs against a basket of major partners after a positive end to last week.

Mixed data releases on Tuesday saw the dollar decline. The most significant result was arguably the growth figure which showed an unexpected increase to 3.9%. However, this failed to add to the dollar’s performance, and lower-than-anticipated consumer confidence ultimately saw it lose ground.

A busy Wednesday also brought results that were largely disappointing. The key results from the durable goods orders, unemployment claims and new home sales were all behind the predicated levels, again weighing down on the currency. Less significant data did little to help the dollar, as the Chicago Purchasing Managers’ Index and the University of Michigan’s Consumer Sentiment continued the poor form. Yesterday saw the dollar gain slightly, despite its own markets being closed due to Thanksgiving. Today is similarly quiet, with no further data due to affect the dollar directly. As such, events elsewhere have the potential to influence dollar strength.

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 November 27th, 2014 by Charles Purdy

Is the US Dollar stalling?

The US dollar had a disappointing day yesterday, enduring its first consecutive daily decline in November. This fall came amidst a number of poor showings from economic data, in a variety of areas.

Firstly the durable goods orders and the unemployment claims both came out behind expectations, weighing down on the dollar. The labour market is a key area, and poor results in this area push back timescales over any potential interest rate rises. Following on from this, data continued to miss expectations, with the Chicago Purchasing Managers’ Index and University of Michigan’s consumer sentiment both showing worse figures. The final major release of the day was the new home sales, and both it and its pending counterpart followed the pattern of the day.

Posted November 26th, 2014 by Charles Purdy

Lots of data likely to impact the US Dollar

The US dollar had a largely disappointing day yesterday, despite some positive growth figures from the country. The main data release of the day was the preliminary US growth figure. This came out better than expected, showing an unexpected increase to 3.9%. However this failed to boost the currency, and worse-than-expected consumer confidence data later in the afternoon weighed down on the currency’s performance.

Today holds a raft of releases to potentially affect the dollar, as plenty is squeezed in before Thursday’s Thanksgiving bank holiday. The most influential data of the day are likely to be the durable goods orders, unemployment claims, and new home sales.

Posted November 25th, 2014 by Charles Purdy

US Dollar still holding its own

The dollar started the week well, remaining close to four-and a-half year highs against a basket of other major currencies. This was largely due to the sentiment surrounding last week’s strong US manufacturing data which ensured confidence in the US dollar as a safe haven currency, which continued into the start of this week. Monday’s trading was quiet, as expected, with no US economic reports released throughout the day. The dollar did jump almost half a cent against a poorly-performing Japanese yen to just below the seven-year peak reached last Thursday.

Today is shaping up to be a more active day for the dollar, with the highly anticipated release of growth figures.

Posted November 24th, 2014 by Charles Purdy

US Dollar still buoyant

The dollar continues to remain in a strong position against sterling and the euro as we saw another positive week for the US economy, with strong data across the board. One instance of this was the Philadelphia Federal Reserve Manufacturing Index, which was at 21-year highs.

This week we look forward to US growth figures – previously out at 2.3% – and durable goods data. The latter is expected to achieve a positive 0.2% compared to a negative reading of -0.2% last month. Any disappointing deviation from these expectations could undermine the US dollar. Thanksgiving is on Thursday so we should expect a quiet end to 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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