020 7898 0500Yesterday we saw the US Dollar continue to claw back some of the strength it lost last week. This was despite the release of ADP Employment Change figures which were much lower than expected (156,000 compared to last month’s 200,000). The main reason behind its strength was a bundle of other positive data across the board; Nonfarm Productivity data (released at 0.4%, compared to the previous figure of -1.4%), an improvement in Trade Balance figures, and positive Purchasing Managers’ Index (PMI) data. This pushed the dollar to a two week “high” against sterling.
Today sees a fairly busy day for the US with Initial and continuing Jobless Claims set to be released this afternoon and a number of members of the Federal Reserve set to speak. Any indication towards economic growth and a possible rate hike will cause movement in the market, and give it the potential to strengthen the currency further.
If you are looking to buy or sell US dollars, we suggest contacting your trader now for live rates, news and currency purchasing strategies.
