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Posted August 28th, 2015 by Charles Purdy

US dollar recovers thanks to positive GDP figures

The US dollar suffered heavy losses on ‘Black Monday’, as the effects of the struggling Chinese economy spread to the global economy as fears grew over their weak imports and exports.

As China reacted by cutting their interest rates, this strengthened the US dollar and it gained across the board as investors flocked back to the safe haven currency.

The global events meant that data releases from America had a reduced impact on the US dollar at the beginning of the week. However, Tuesday and Wednesday saw Consumer confidence and durable goods orders released respectively, both showing positive signs and growth. Yesterday saw positive Preliminary Gross Domestic Product (GDP) figures released from the US, showing better than expected growth helping support the US dollar.

However, even with this resurgent strength, the few US Federal Reserve members who spoke this week agreed that the much-discussed possible interest rate rise in September seemed less likely with most market commentators now suggesting a rate hike early next year is more likely.

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 August 27th, 2015 by Charles Purdy

The US dollar has a strong day

Continuing to feel the effects from ‘Black Monday’, the US dollar remained very unstable on Wednesday. Following recent weakness, the American currency found notable strength against the majority of its peers; in particular gaining over two cents against sterling, and over a cent against the euro. Core Durable Goods orders, the only notable data release of the day, showed positive growth just above expectations.

Today could see more aggressive price action for the US dollar today in the lead up to the Preliminary Gross Domestic Product (GDP) figure – which is expected to show its highest growth release for three quarters.

Posted August 26th, 2015 by Charles Purdy

US dollar recovers some of its loses from ‘Black Monday’

The US dollar slowly started to recover yesterday following ‘Black Monday’, strengthening nearly a cent against sterling and over a cent against the euro. This followed China’s decisions to cut interest rates on Tuesday in an attempt to prop-up the Chinese economy and equity market. The US dollars strength was supported by the consumer confidence figures released yesterday, showing a much better than expected figure – the best since January this year.

Today we can expect more movement for the US dollar as uncertainty remains extremely high following the events of ‘Black Monday’. Data releases today include the Durable goods order, which is expected to show a drop against the previous month; US Federal Reserve member Dudley will also be speaking, expected to remain very supportive on an interest rate hike in short term.

Posted August 25th, 2015 by Charles Purdy

The US dollar also affected by ‘Black Monday’

The US dollar was one of the major currencies affected by the fear factor surrounding the struggling Chinese economy on Monday. The huge trading and investment links between the US and China encouraged investors to leave the US dollar and flock to safer currencies such as the euro and Japanese Yen. This led to the US dollar continuing to weaken against the majority of its peers – and eyes will be on the US Federal Reserve to see if this changes their sentiment as to when they should look to raise interest rates.

We could possibly see yesterday’s weakness reversed today with some key data released to influence the markets.

Posted August 24th, 2015 by Charles Purdy

A plethora of data due for the US dollar this week – will it strengthen?

There was not much movement on Friday for the US dollar, although Manufacturing Purchasing Managers’ Index figures were slightly down compared to expectation, and the previous month.

We should be in for a busy week for the US dollar, with a basket full of data due throughout. Monday will see US Federal Reserve member Lockhart speak; expected to discuss last week’s Federal Reserve meeting minutes. Tuesday will see the release of Flash services Purchasing Managers’ Index (PMI), consumer confidence and new home sales, all expected to show moderate growth. Durable goods orders are due for release on Wednesday, and these are expected to show slight growth, but be below the previous month’s release.

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