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Posted December 22nd, 2014 by Charles Purdy

A busy week for the US dollar

The US dollar had a largely positive end to the week, thanks to a continued reaction to the mid-week Federal Reserve meeting. With no data forthcoming, it was speculation over the potential advent of interest rate rises that spurred on the currency. Whilst there is no definite timescale of when his will occur at present, hopes that the Federal Reserve could raise interest rates in the near future drove the currency higher.

It is a surprisingly busy week for data in the US, despite the Christmas day bank holiday. Today we will see existing home sales data released; but, tomorrow is likely to be the most significant day, with a multitude of figures due to potentially affect the currency. First of these will be the durable goods orders and the final growth figure which is expected to show the US economy grew by 4.3%. Later on in the day we will see consumer sentiment and new home sales data released. Wednesday then finishes the shortened week with unemployment claims figures, before two days of rest with no data over Christmas and Boxing Day.

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 December 19th, 2014 by Charles Purdy

US Dollar knocked by Federal Reserve “patience”

The US dollar harboured mixed fortunes at the start of a turbulent week. Early gains were made before they were retracted on the back of oil prices, while some minor data showed both positive and negative outcomes. The continued decline in oil saw the dollar drop throughout Tuesday, as investors looked to safer havens such as the Japanese yen, before improved performance mid-week. Here the dollar rose from the recent four-week lows thanks to speculation ahead of the Federal Reserve meeting.

Lower-than-expected inflation failed to dent the currency, with hopes of more evidence that interest rates will rise in the US sooner rather than later.

Posted December 18th, 2014 by Charles Purdy

US Dollar buoyed by expectations

The US dollar had a stronger day yesterday, making gains ahead of the Federal Reserve’s meeting. Despite a lower-than-expected inflation reading, the currency rose from its recent four-week lows, thanks to speculation over events and outlook from the meeting. While the official line from the Federal Reserve has been US rates will not rise for ‘considerable time’, there was some expectation in the markets that this phrase would be removed, hinting at nearing interest rate rises. The phrase was removed but replaced by a phrase that stated that they would be “patient” when considering an interest rate rise which thereby avoids any undue commitment.

Posted December 17th, 2014 by Charles Purdy

Will todays Federal Reserve meeting impact the dollar?

The US dollar struggled throughout yesterday, as the falling oil prices continued to take precedence for investors. As the decline stretched further, investors were seeking the safest havens for their assets, moving the demand from the dollar to the Japanese yen. As such, the dollar fell against the majority of its peers, while the Federal Reserve started their two day meeting.

In terms of other data releases, the building permits were as expected, and the manufacturing Purchasing Managers’ Index (PMI) slightly behind expectations, but these ultimately had little impact given the wider events.

Today, the results of the Federal Reserve meeting are sure to be of particular interest to investors, as they look for any clues as to the timescales for interest rate rises.

Posted December 16th, 2014 by Charles Purdy

US Dollar awaits Wednesdays Federal Reserve meeting

The US dollar had a largely positive Monday, although larger gains early on were reversed somewhat later in the day as the oil price continues to fall. There were a few minor releases during the day, and these showed varied results. The empire state manufacturing index came out some way behind expectations, but the industrial production figure counteracted this by comfortably beating its estimate.

Today’s main data release is the building permits figure, supported by further construction data covering housing starts. The manufacturing Purchasing Managers’ Index (PMI) could also contribute to the dollar’s performance, although any further movement on the oil and interest rate question is likely to dominate proceedings.

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