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Posted November 5th, 2015 by Charles Purdy

Strong data in the US pushes the dollar ahead against both its main rivals

Wednesday was another positive day for the US dollar, as it strengthened over a cent against the euro and gain ground against sterling. This was essentially down to a stable figure from the Automatic Data Procession (ADP) Non-farm employment change, and better than expected Trade Balance and ISM Non-manufacturing Purchase managers indices (PMI). We also had Janet Yellen, Chairman of the Federal Reserve, in her testimony to a Congressional Committee that a December increase in US interest rates was a “possibility”

Today we can look forward to weekly labour data, also expected to be another stable figure in the lead up to the Non-Farm Employment change release on Friday. Various US Federal Reserve members are also speaking, including Fischer, Dudley and Lockhart who have recently giving Hawkish views regarding a possible interest rate rise in the short term.

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 October 29th, 2015 by Charles Purdy

US dollar strengthens as December interest rate rise seems likely

It was quiet for the US dollar during the day on Wednesday, with minimal data released. Focus was on the US Federal Reserve interest rate decision and the statement that follows and this statement sent the currency markets into overdrive. Not from what it said but from what it omitted. It omitted the caveat about the world economy possibly depressing the US economy which has increased the likelihood of a December interest rate rise which strengthened the US dollar across the board.

Following the interest rate decision and statement yesterday evening, we can look forward to a busy day today, with advance growth figures released in the early afternoon.

Posted October 28th, 2015 by Charles Purdy

Mixed day for the US dollar

Yesterday started with the dollar clawing back some of the strength it lost last week. This upturn was due largely to US durable goods data, which were reported as relatively better than expected, at -1.2% compared to the market projection of -3.0%. However, this was shortly counteracted with worse-than-expected Purchasing Managers’ Index (PMI) figures, released at 54.4 compared to market projection of 55.1, and poor consumer confidence data, released at 97.6 despite a market projection of 102.9. This has caused some weakness within the dollar and caused it to trade narrowly against sterling.

Today there is no significant data released throughout the day, but this evening could see significant movement, given that the Federal Open Market Committee (FOMC) is due to deliver its interest rate decision.

Posted October 22nd, 2015 by Charles Purdy

Mortgage Applications figures the only release of note for the US on Wednesday

It was another very quiet day for the US on Wednesday in terms of economic data. The most significant update was the US Mortgage Applications figures, considered the leading indicator of the US Housing Market. A large move from -27.6% in September to 11.8% represents a strong positive swing in the health of the housing market – although this remains relatively bearish. Alongside this data the DYX (US Dollar Index) was shown to be steadily increasing, as traders move back into the safe-haven currency following the release of a relatively weak third quarter Gross Domestic Product (GDP) from China.

Today, the focus is on the Chicago Fed National Activity Index (a gauge of overall economic activity) and the Initial Jobless Claims (measuring strength of the labour market).

Posted October 15th, 2015 by Charles Purdy

A downward trajectory for the US dollar

Wednesday was not a good day for the US and its currency, with the US dollar weakening one and half cents against sterling and half a cent against the euro. This was as a result of weak data releases that showed a larger drop in retail sales than expected; and producer inflation falling further into negative territory. Following these disappointing figures, various banks cut their third quarter US growth forecasts.

Today we could look at further negativity for the US, as consumer inflation is expected to worsen against the previous month, posting a second consecutive negative figure. This is followed by the weekly unemployment claims which should post another stable figure.

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