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Posted September 30th, 2015 by Charles Purdy

Will the US dollar continue to strengthen today?

The US dollar strengthened further on Tuesday as consumer confidence posted its strongest figure since August 2007. This shows confidence is high in the US even with the expectation of an interest rate rise possibly being pushed back until next year, and the knock on effect from the recent struggle in the Chinese economy. US Federal Reserve member Loretta Mester also said that the US are able to deal with an increase in rates this year – she is the second member who looks to be pushing for an increase in the short term.

The focus on this week will be on Friday’s non-farm employment change data, which is expecting to post an increase on the previous month’s. Today we will see an indicator leading up to this release, with the ADP non-farm employment change. Following this, we can look forward to Federal Reserve Chair Yellen speaking in the evening. Any indications as to a potential rate hike could spell movement in dollar markets.

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 September 29th, 2015 by Charles Purdy

Is the US on track for an interest rate hike?

News that personal spending in the US has increased slightly was released on Monday, despite news that personal income had dropped slightly. While the former should reflect in upcoming retail sales figures, the implication is that consumers are not saving, a point which the US Federal Reserve will need to take into account when considering a potential US interest rate hike.

There were multiple US Federal Reserve members who gave speeches on Monday, but the highlight was by New York Federal Reserve Bank President William Dudley, who said that they expect rates to rise later this year. The US dollar strengthened following this comment.

Posted September 28th, 2015 by Charles Purdy

US dollar strengthens

The US dollar held its previous gains against sterling on Thursday, despite US initial jobless claims and continuing claims figures disappointing against expectations. Later, in the local session from Federal Reserve Chairwoman, Janet Yellen, the American currency pushed higher, thanks to her assertion that it “will likely be appropriate to raise the target range for the federal funds rate sometime later this year.” Friday saw the dollar strengthen further, after a positive Gross Domestic Product (GDP) reading for the second quarter of 3.9% in comparison to the forecast 3.7%.

This week we have a raft of US data spread throughout the week but the highlight will be the Non-farm payroll figures released on Friday which are expected to show a slight improvement on last month.

Posted September 25th, 2015 by Charles Purdy

Mixed fortunes for the US

Against sterling, the US dollar continued to be in the ascendancy. However, a mixed bag of US economic data below expectations, combined with less dovish comments from European Central Bank President Draghi, forced the continued decline against the euro. This has been a recurring feature in recent months during periods of uncertainty, where investors have been buying the euro in order to pare bets against the single currency.

Traders will have been watching Federal Reserve Chair Yellen’s speech at 21:00 on Thursday closely. Friday will focus on the Gross Domestic Product (GDP) Price Index, and, more importantly, the annualized second quarter GDP number, which is expected to come in at 3.7%, in line with the previous figure.

Posted September 24th, 2015 by Charles Purdy

US dollar strengthens thanks to weak sterling

The US dollar strengthened on Tuesday, with very little data releases. Flash Manufacturing Purchase Manager’s Indices (PMI) showed a stable figure, with continued growth. This strength from the US dollar was mainly due to sterling weakening across the board.

We can expect more data releases today, with core durable goods orders expecting to show a small decline on the previous month’s figure, and the weekly unemployment claims expecting to remain stable. US Federal Reserve chair Yellen also speaks later this evening, where any indication regarding an interest rate rise may lead to further US dollar strength.

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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