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Posted July 31st, 2015 by Charles Purdy

Good day for the US dollar thanks to accelerating growth

Yesterday saw the release of accelerated US Gross Domestic Product (GDP) data, which showed that the US economy had grown in the second quarter of 2015; this added further support to the possibility of a rate hike later in the coming months. The US Commerce department stated that the GDP had grown at an annual rate of 2.3%, with first quarter growth also revised up to 0.6%. This news saw the US dollar make gains against other major currency pairs such as the euro and sterling.

Today is a relatively quiet day for the dollar in the wake of all the speculation surrounding a potential rate hike that has been taking place throughout the week. In the afternoon, we should see the release of state based Purchasing Managers’ Index (PMI) data in Chicago – but little other data being released it could be a quiet 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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Posted July 30th, 2015 by Charles Purdy

Strong day for the dollar as the markets wait for the Federal Reserve’s statement

The US Dollar pushed a little higher on Wednesday against many of the major currencies – despite the fact that the US home sales figure fell unexpectedly in June. The main reason for this rise was likely as a result of investors anticipating the Federal Reserve’s rate statement. The minutes released from the statement will highlight the potential of a rate rise in the US – which could strengthen the dollar. Many major analysts suggest that the six-month forecast for the GBP/USD rate is around the 1.50 mark against the pound – which effectively means that sterling will lose its strength gathered in recent months.

Posted July 29th, 2015 by Charles Purdy

Will we find out more about an interest rate hike in the US today?

The US dollar trimmed back some strength yesterday, thanks to the release of slightly underwhelming Consumer Confidence data: economists had forecast a reading of 100.0, yet the figure came in at 90.9 this month, a fair way down from the result of 99.8 seen in June.

Today we look ahead to the Federal Reserve’s statement, to see if policymakers will give any indication of an initial rate hike in the US. If this were to happen, it would be expected to boost economic growth in America – and the value of the dollar would follow in a similar vein. However, from the viewpoint of analysts, a rate rise is more likely to happen closer to September, rather than anytime in the immediate future.

Posted July 28th, 2015 by Charles Purdy

Good news expected for the US dollar this week

Monday saw positive data released for the US dollar, with the news that Core Durable Goods Orders data had continued to grow for the third consecutive month – now at a high not seen since this time last year. There was, however, some negativity from American markets later in the day, thanks to the struggling Chinese economy and stock exchange.

Key figures released this week include the Consumer Confidence and Services Purchasing Managers’ Indices (PMI); both of which are expected to show strong and stable figures and indicate growth. However, the main spotlight for America this week will be on the US Federal Reserve statement following the rate decision on Wednesday, and the Advance Gross Domestic Product (GDP) figure on Thursday.

Posted July 27th, 2015 by Charles Purdy

US central bank statement on Wednesday to take the spotlight this week

Friday afternoon’s positive Market Manufacturing Purchasing Managers’ Index (PMI) data created a bullish movement for the US currency. However, this was short-lived thanks to a poor data release in the form of disappointing New Home Sales figures, which pulled rates back to the levels we saw for most of last week.

This week, we look forward to Core Durable Goods Orders data today, consumer confidence data on Tuesday, as well as growth and unemployment claims figures on Thursday. The main event, however, will be the Federal Open Market Committee (FOMC) statement on Wednesday evening. Investors will be studying the language used by the central bank for clues to future changes in monetary policy.

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