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Posted November 29th, 2013 by Charles Purdy

US dollar has a bad week weakening across the board

The US dollar’s week has been far from impressive, with a mix of strong and weak US economic data being somewhat overshadowed by the currency hitting the lowest level since January against sterling. As was the case last week, Monday brought further speculation surrounding the potential tapering of the Federal Reserve’s quantitative easing program. US dollar prices fluctuated as home construction data came in ahead of expectations, whilst consumer confidence fell short of market estimates. After hints that we could see tapering at Decembers central bank meeting, impressive unemployment figures from across the pond helped further cement this idea in traders’ minds before comments from Federal chairman Ben Bernanke quickly suppressed this idea as he raised concerns about the economy’s long term prospects. Yesterday then saw no economic data released from the US as bank’s were shut in accordance to the Thanksgiving bank holiday, creating decreased liquidity and in turn a higher degree of volatility in the market. No significant economic data releases are scheduled for today that could impact the US dollar, although as always, it is the unexpected that drives the most significant market movements. Get in touch with your trader now for the latest dollar rates, after a disappointing week for the US dollar.

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