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Posted March 9th, 2015 by Charles Purdy

US Dollar- Up, up and away

The US dollar continued to strengthen on Friday against the majority of its peers. The spotlight was on the non-farm employment data, and rightly so as the employment change increased against expectations. Unemployment in the US also dropped to 5.5%, a record low since June 2008. Average hourly earnings were down, but this did not have too much of an impact due to the ‘shock’ figure of the employment change; the US Federal Reserve will still keep a keen eye on this figure leading up to the future interest rate decisions.

A quiet start to the week for the US dollar is expected with minimal data releases. Wednesday sees the release of the bank stress test results, which applies a specific market condition to see how banks will cope with that pressure. We can expect a bit of movement on Thursday due to the release of core retail sales figures, and the weekly labour data from the US. On Friday we have inflation figures in the form of a Producer Price Index, as well as consumer confidence data, which has been a very positive figure for the US as of late.

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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