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Posted July 24th, 2015 by Charles Purdy

US Dollar moves sideways

The US Dollar clawed back some of its strength yesterday as initial jobless claims data was better than expected. A positive reading for the CB Leading Index also helped to strengthen the US currency, particularly against sterling.

A potential interest rate hike would be data dependent, so poor data from the UK fuelled some gains for the US currency, with sterling losing ground against most of its major peers. The effect of a strong dollar has cut into profitability for businesses, including Apple and American Express. If the US currency continues to hold strong on the whole, we could see US exports falter, which, in turn, could weaken the US economy.

There is, again, little significant data out today that has the potential to affect the dollar’s performance. As has been the case this week, investors will turn to events elsewhere for guidance on any potential dollar movement.

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 23rd, 2015 by Charles Purdy

Quiet on the US front?

It was a mixed day yesterday for the dollar, with fluctuations within a narrow range. Despite the second rise in a month in US mortgage application figures, sterling strengthened against the dollar as Bank of England (BoE) minutes and inflation report hearings were released, causing rates to hover around the 1.56 level.

There is little data of significance from stateside to help shift the dollar today, other than the weekly unemployment claims figure. This would suggest a quiet day for the US dollar; however, as always, investors will be looking elsewhere for events that could affect the US currency’s performance.

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

Posted July 22nd, 2015 by Charles Purdy

US dollar strengthens slightly

The US dollar strengthened slightly against sterling yesterday, with gold prices plummeting due to the selling of Chinese reserves, and a financial analyst indicating confidence in a US Federal Reserve interest rate hike ahead of the Bank of England. The uncertainty in China caused investors to seek the safe-haven US dollar.

There is no crucial data out today from the US, but investors will be keeping an eye on existing home sales figures for an indication of how the US housing market is doing. Today will mimic yesterday in the sense that it is events outside of the US which could have a big impact on US dollar strength.…

Posted July 21st, 2015 by Charles Purdy

US dollar affected by events elsewhere

The US Dollar has virtually started the new week where it finished off last week. Treasury Bill auction data released yesterday helped to boost the US dollar, but not far, as Bank of England (BoE) Governor Mark Carney re-iterated that a UK rate hike is edging closer. However, Carney also stressed that deflation remains a counterbalance to a potential rate rise.

Interest rates remain an underlying influence. With little data of note this week, save unemployment claims and indication of manufacturing inflation, the US dollar is likely to be influenced by events elsewhere, such as the situation in Greece, or poor economic data from China – any discouraging news from either region could see investor flocking to the safety of the safe-haven US dollar.…

Posted July 20th, 2015 by Charles Purdy

US dollar ends week on a low

The dollar finished in a negative position last week, thanks to poor inflation figures that meant that the Consumer Price Index (CPI) data was lower than expected. This was countered by positive Building Permits Data.

This week we have a number of data releases; Junes existing home sales on Wednesday, a slight improvement is forecast, on Thursday initial jobs claims and on Friday Flash Manufacturing Purchasing Manager Indices for July, a slight increase is expected, and new home sales data where a slight fall is predicted. Will be interesting to see if the outcomes are as expected and how investors views on the US dollar and possible interest rate increases change as the week progresses.

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