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Posted October 30th, 2015 by Charles Purdy

How will the US dollar finish an already strong week?

It has been a strong week for the US dollar, initially strengthening over a cent against sterling, which it gave back on Thursday, and gaining just short of two cents against euro. This was mainly contributed to less dovish comments made in the US Federal Reserve Statement. Data releases have been less than impressive for the US, with durable goods orders dropping further than expected and advance growth figures falling just short of the expected figure.

The focus on this week was on the US Federal Reserve statement. Federal Reserve members voted in favour of leaving interest rates at an all-time low, but comments suggested that they are certainly leaving the door open for an interest rate hike in December.

Today we can look forward to both personal spending and personal income data – both are expected to post growth in these areas. Following this, we have Federal Reserve member Williams speaking – here, anything interest rate focused will have an impact on the 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 October 29th, 2015 by Charles Purdy

US dollar strengthens as December interest rate rise seems likely

It was quiet for the US dollar during the day on Wednesday, with minimal data released. Focus was on the US Federal Reserve interest rate decision and the statement that follows and this statement sent the currency markets into overdrive. Not from what it said but from what it omitted. It omitted the caveat about the world economy possibly depressing the US economy which has increased the likelihood of a December interest rate rise which strengthened the US dollar across the board.

Following the interest rate decision and statement yesterday evening, we can look forward to a busy day today, with advance growth figures released in the early afternoon.

Posted October 28th, 2015 by Charles Purdy

Mixed day for the US dollar

Yesterday started with the dollar clawing back some of the strength it lost last week. This upturn was due largely to US durable goods data, which were reported as relatively better than expected, at -1.2% compared to the market projection of -3.0%. However, this was shortly counteracted with worse-than-expected Purchasing Managers’ Index (PMI) figures, released at 54.4 compared to market projection of 55.1, and poor consumer confidence data, released at 97.6 despite a market projection of 102.9. This has caused some weakness within the dollar and caused it to trade narrowly against sterling.

Today there is no significant data released throughout the day, but this evening could see significant movement, given that the Federal Open Market Committee (FOMC) is due to deliver its interest rate decision.

Posted October 27th, 2015 by Charles Purdy

More activity from the US and hawkish comments could mean movement for US dollar

The US Dollar remained quite flat on Monday, with minimal data releases. The only release of the day was new home sales data, which came out worse than expected, with the lowest reading since December 2014.

We have a host of data due out today however, with durable goods orders expecting to show a more positive figure compared to last month’s, and consumer confidence expecting to post another strong figure. However, the focus on this week will be on Wednesday’s US Federal Reserve rate decision and statement that follows. The central bank is expected to keep rates on hold, but with recent hawkish comments made by various members a rate rise could still be possible sooner than expected.

Posted October 26th, 2015 by Charles Purdy

US dollar takes strength from ECB talks

We saw the US Dollar regain its strength on Friday, after European Central Bank (ECB) President Mario Draghi discussed extending and increasing Europe’s Quantitaive Easing (QE) programme. As the euro fell against the dollar, the American currency strengthened against a number of rivals – including sterling.

There were further gains for the dollar after the US Manufacturing Purchasing Managers’ Index (PMI) figures were released – at a higher rate than predicted of 54. This was followed by China cutting their interest rates, and this could demonstrate a slowdown in the economy and create a bullish influence towards the likelihood of the Federal Reserve’s decision to raise interest rates sooner rather than later.

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