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Posted June 18th, 2015 by Charles Purdy

US dollar suffers following last night’s Federal Reserve Statement

Wednesday was not a great day for the US dollar. It weakened first thing against sterling following positive data out of the UK. It then lost further ground as the markets digested the statement following yesterday’s Federal Reserve meeting. In the statement it became clear that the US economy was slightly behind growth expectations for this year, any increases in interest rates would be gradual and from this the markets forecast that a first increase could happen in September.

Following the US Federal Reserve statement last night, we expect to see a basket of US data releases today. The spotlight will be on the consumer inflation figure, which is expected to be a more positive figure than last month. It has been previously reported that the US economy struggled in the first quarter due to seasonal factors, and the continued low oil price, so any positivity shown regarding inflation may benefit the US dollar.

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 November 24th, 2014 by Charles Purdy

US Dollar still buoyant

The dollar continues to remain in a strong position against sterling and the euro as we saw another positive week for the US economy, with strong data across the board. One instance of this was the Philadelphia Federal Reserve Manufacturing Index, which was at 21-year highs.

This week we look forward to US growth figures – previously out at 2.3% – and durable goods data. The latter is expected to achieve a positive 0.2% compared to a negative reading of -0.2% last month. Any disappointing deviation from these expectations could undermine the US dollar. Thanksgiving is on Thursday so we should expect a quiet end to the week

If you are looking to buy or sell US dollars, we suggest contacting your trader now for live rates, news and currency-purchasing strategies.

Posted October 31st, 2014 by Charles Purdy

US Dollar has a good week

The dollar today pushed back up above the 1.60 level following a strong performance last night at the US Federal Reserve meeting, which saw the completion of the central bank’s quantitative easing programme. Despite this, the currency began to weaken throughout the day after jobless claims rose and growth was above expectations at 3.5% in the third quarter, higher than the forecast of 3% but down from the previous quarters 4.6%. Even though it was above forecast, with consumer and business spending decreasing this was not seen as positive news for the currency.

Yesterday jobless claims came out at 287,000, keeping below the 300,000 mark for 7 weeks in a row.

Posted October 30th, 2014 by Charles Purdy

US dollar boosted by Federal reserve announcement

The Federal Reserve monthly meeting announcement surprised the markets last night. It wasn’t that they confirmed the end of quantitative easing, this was widely expected, it was the language they used to describe the US labour situation which had shifted from that of saying there was significant underutilization to stating that they saw labour resources gradually diminishing. This increased the markets belief that interest rates were coming sooner rather than later which immediately say the US dollar gain significant ground across the board and head back towards four year highs against a basket of major currencies.

This is the second last Federal reserve meeting of the year, the next one is on December 16th.

Posted October 13th, 2014 by Charles Purdy

US Dollar holds steady

The US dollar finished last week on a more positive note, making gains against the majority of its most traded partners. Despite little data to drive these movements, the dollar managed to regain the previously lost ground, which came on the back of the US Federal Reserve meeting minutes which highlighted their concerns over the world economy and their reluctance to raise interest rates too soon.

This week starts quietly today stateside, with US markets closed for Columbus day. Tomorrow is almost as quiet in its wake, with investors having to wait until Wednesday for any major releases from the country.

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