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Posted April 10th, 2015 by Charles Purdy

US Dollar enjoys a good week

The US dollar suffered at the beginning of this week, as it attempted to recover from the poor Non-Farm Employment data from the previous Friday. A small number of Federal Reserve members did speak out in support of the dollar despite this figure, with some still indicating that June would be the month for the first rate lift off. However, this has driven mixed views from other members of the Federal Reserve, with some even wishing to push back the date until 2016.

This week’s positive releases included the Services and Non-manufacturing Purchase Managers Index (PMI), both showing continued growth in the sectors. Tuesday saw an increase in JOLTS Job openings, which showed that the jobs are there for the employment rate to pick back up next month. The current slowdown in the economy meant that there were mixed views on an interest rate rise in the Federal Reserve minutes released on Wednesday showing. There was slightly negative news when Thursday’s Unemployment claims release which showed a slight increase – but this was not big enough to weaken the US dollar.

Today, we will see import prices for the US – and this is expected to fall alongside current inflation. Federal Reserve member Lacker is speaking, and we expect there will be a continued focus on possible interest rate rises.

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 March 3rd, 2015 by Charles Purdy

US Dollar hits a 11 year high!

The first Monday of the month tends to be quite exciting for the US dollar and this month was no different. Even though US data releases were not up to expectations, the US dollar, on a trade weighted basis against a basket of currencies, reached a 11 year high during the course of Monday.

Personal spending and personal income data were both slightly less than forecast – these are key figures for the Federal Reserve decision on when to increase US interest rates, as pointed out by Federal Reserve Chair Yellen. The manufacturing Purchasing Managers’ Index (PMI) dropped slightly against expectations, but still showed growth in the sector.

Posted February 24th, 2015 by Charles Purdy

US Dollar starts the week quietly

In recent weeks, the general trend for the dollar is a quiet beginning of the week – and this Monday was no exception. The only release was Existing Home Sales, which was negative and fell to its lowest level since May 2014.

Today we can expect a busier day, with the releases of the Services Purchase Managers’ Index (PMI) and Consumer Confidence – which has been quite a strong figure as of late for the US. Also today, Federal Reserve Chair Yellen is due to testify on the Semi-annual Monetary Policy Report before the Senate Banking Committee; the focus here is expected to be on the question and answer session after the main report, with spotlight on a possible Interest rate hike or what thresholds need to be hit before it will happen.

Posted January 23rd, 2015 by Charles Purdy

US Dollar still strengthening

The US dollar started the week slowly, with a Bank Holiday Monday hampering the dollar’s recent advances. We then had the release of data for building permits and the unemployment rate, both of which were slightly behind expectations, which further dampened enthusiasm for the US dollar. And then world events took over with the ECB announcing their €1.2 trillion programme of quantitative easing which saw the US dollar strengthen across the board. And with further uncertainty in the form of this weekend’s Greek election we are unlikely to see any reversal in the US dollars on-going strengthening any time soon.

Today on the data front we have the flash manufacturing Purchasing Managers’ Index (PMI) and existing home sales due from the US to impact markets aside from the larger economic stories.

Posted December 1st, 2014 by Charles Purdy

A very busy week for US data

The US dollar finished off last week in a positive manner, thanks to wider worldwide events. These was no economic data to drive the currency’s performance, and so the OPEC meetings regarding the oil market governed currency markets. Given the decision to keep oil output unchanged, the US dollar made gains against most of its partners. This was due to increased speculation that lower oil prices will support the US economy, as the dollar becomes a more attractive haven.

This week has the usual start of monthly releases to affect the dollar markets, starting today with the manufacturing Purchasing Managers’ Index (PMI) from the Institute for Supply Management (ISM).

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