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Posted February 20th, 2015 by Charles Purdy

US Dollar weakens following a raft of poor data

It was another tough start to the week for the US Dollar, which saw further losses against the majority of its peers in the absence of any data released due to the President’s Day bank holiday.

The business week officially started on Tuesday, with weaker-than-expected manufacturing and housing data. Wednesday followed suit with one weak data set after another, with producer inflation, more housing data and industrial production figures sliding against previous figures. Due to the industrial production slide some banks re-forecasted their predictions for US growth in the first quarter of this year downwards, which added further pressure to the US dollar.

Wednesday evening saw the release of the US Federal Reserve meeting minutes, which highlighted that only a small minority of central bank members feel that interest rates should go up soon, with the majority looking to hold off further to ensure the US economy is on the right track.

Thursday was a much better day for the US, and tried to give the greenback some much needed relief with the release of positive unemployment claims, which increased investor confidence that an interest rate rise could happen in June this year. This positivity didn’t last long as shortly after we saw the release of manufacturing data which showed a stronger decline than forecasted.

Today we see the release of the Manufacturing Purchasing Managers’ Index (PMI), which is expected to show a decline in the manufacturing sector following the previous manufacturing indicators, which have reported weaker-than-expected figures.

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 February 19th, 2015 by Charles Purdy

US Dollar suffers as likely increases in US interest rates get pushed back

In terms of data releases, we experienced the busiest day of the week so far on Wednesday. It may have been a busy day for the US Dollar, but not a great one. Poor data all around allowed the US dollar to weaken further against its peers, with the currency falling nearly a cent against sterling. Negative building permits and producer inflation data started the sell-off of US the dollar. This, together with poor industrial production data, had led some banks to re-forecast US growth for the first quarter of this year.

The Federal Reserve minutes of their last meeting reinforced this gloomy picture with policy makers concerned about raising US interest rates too soon and derailing the US economic recovery.

Posted February 18th, 2015 by Charles Purdy

Lots of US information out today which is likely to move the US Dollar

It was another quiet day for the US dollar on Tuesday, with both manufacturing and housing market data releases showing a slight drop against previous and forecasted figures.

Today we can look forward to a livelier day for data releases. Housing, inflation and industrial data are released with the majority of figures expected to show a small decline on the previous month’s releases, as most sectors struggle to work with the low inflation rates and oil prices.

Despite this, the focus today will be on the Federal Reserve minutes, which are released in the evening. These will show a detailed report on the Federal Reserve’s most recent meeting, which is expected to involve interest rate levels.

Posted February 17th, 2015 by Charles Purdy

All quiet in the USA

It was all quiet in Washington and on Wall Street on Monday, as it was Presidents’ Day and a public holiday in the United States, meaning there was no data released.

We expect another quiet day in the lead up to Wednesday’s Federal Reserve meeting minutes release, along with the release of both the US manufacturing and housing indicators. These will prove important indicators of both economic strength and the performance of the US dollar going forwards.

If you are looking to buy or sell US dollars, contact your trader for live rates, news and currency-purchasing strategies.

Posted February 16th, 2015 by Charles Purdy

A more turbulent time ahead for the US Dollar?

After a quiet few weeks for the US Dollar, we could possibly see a more turbulent week. Friday finished with the release of the Consumer Sentiment data, which is a leading indicator for consumer confidence, which came out slightly worse than expected. This fuelled the recent US weakness that we have seen over the past week.

Today is a US Bank holiday, so no data releases are expected. Later in the week, along with the usual Federal Reserve members’ speeches, we will see the release of Building Permit and Inflation data. With inflation pegged to remain low for the short-term, we could expect once again a weak figure as a result.

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