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Posted March 1st, 2016 by Charles Purdy

Big data day for US dollar

The U.S saw some negative fundamental data to kick off the week, the most important being the Chicago Purchasing Managers’ Index (PMI), which captures business conditions across Illinois, Indiana and Michigan but is also representative of the US as a whole. This came in at 47.6, compared to an expected 53.0 and the previous month’s 55.6. Anything below 50 is seen as negative for the US economy.

However the US dollar Index (DXY), which compares the dollar against a number of the key world currencies, still ended the day +0.2% up. With very little news out the US dollar could still be seen as a safer haven currency given what is going on with the Brexit and ongoing commodity and equity slump.

It’s a big day today for the US in terms of data with the Manufacturing Purchasing Managers’ Index (an indicator of business conditions of manufacturing sector), Constructions Spending (spending on all types of construction) and the Weekly Crude Oil Stock Report (regional data relating to refinery operations for 85% of petroleum industry) all to be released. The data is expected to come in slightly above average so could see more dollar strength. Any surprises could weaken the US currency.

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