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Posted March 7th, 2016 by Charles Purdy

US dollar at mercy of events elsewhere this week

It was a busy day for the US Dollar on Friday, with both the non-farm employment change and average hourly earnings data released. The Non-Farm Employment change was much better than expected, posting its biggest increase in two months, but US Dollar strength was soon countered as average hourly earnings contracted for the first time since January 2015.

We can expect a fairly quiet week for the US Dollar, with minimal data releases. On Monday we can expect a couple of the US Federal Reserve members speaking, where anything regarding a potential interest rate rise may have an impact in the market. Other than that, we can look forward to Thursday’s weekly unemployment claims data – which is expected to post another stable figure – and import price data on Friday, which is expecting to show further contraction. Investors will be looking elsewhere for factors that could affect US dollar movement.

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 4th, 2016 by Charles Purdy

Mixed week for US dollar as outlook uncertain

It has been a fairly mixed week for the US dollar as movement continues to be dictated by the UK’s EU Referendum later in the year. The week started well for the US, with the ISM Manufacturing Purchasing Managers’ Indices and Construction Spending data released on Tuesday, both with better-than-expected figures. These were followed by the ADP Non-Farm Employment Change (which is used as an indicator for the key employments release on Friday), which posted another stable figure. The outlook soon turned gloomy, though, as Thursday showed a slight increase against expectations in the weekly labour data, final Services PMI data continued to show contraction, and factory orders grew less than what was expected.

The spotlight for this week is on today’s Non-Farm Employment Change figures, which is expected to post growth on last month’s disappointing release. But Average Hourly Earnings are expected to show a slowdown in growth. Expect movement in all key currencies following this release.

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 March 3rd, 2016 by Charles Purdy

A quiet day for data in the US

It was a quiet day in terms of data for the US, with only the release of Automatic Data Processing (ADP) Non-Farm Employment change, which is used as an indication for the main data release on Friday. This figure showed an increase, so investors will be keeping a keen eye out for the outcome of Friday’s main release, especially with an increase in both Personal Income and Personal Spending figures last week.

We can expect more data releases today, with the weekly labour data, which can be used as another indicator for the main Non-Farm Employment Change on Friday, along with Final Services and Non-Manufacturing Purchase Managers’ Indices (PMI), which are both expected to show contraction in the sectors.

The US dollar may take a dip in the wake of poor economic data – contact your trader for most up to date rates and to plan a currency strategy.

Posted March 2nd, 2016 by Charles Purdy

Busier day for US dollar

Tuesday saw little movement for the US dollar, as it remained at one-month highs against the other major currencies. It remained steady against the euro as optimism over the strength of the US economy continued to support the US Dollar. The dollar fell slightly against sterling during the afternoon, despite weak UK Purchasing Managers’ Index (PMI) data, before returning to similar levels seen in the morning.

Today will see the release of ADP non-farm employment data from the US, which is expected to come out at 185,000, lower than last month’s figures of 205,000. Crude oil inventories data is also due to be released which may cause some movement, particularly against the Canadian dollar.

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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