020 7898 0500The US dollar held its previous gains against sterling on Thursday, despite US initial jobless claims and continuing claims figures disappointing against expectations. Later, in the local session from Federal Reserve Chairwoman, Janet Yellen, the American currency pushed higher, thanks to her assertion that it “will likely be appropriate to raise the target range for the federal funds rate sometime later this year.” Friday saw the dollar strengthen further, after a positive Gross Domestic Product (GDP) reading for the second quarter of 3.9% in comparison to the forecast 3.7%.
This week we have a raft of US data spread throughout the week but the highlight will be the Non-farm payroll figures released on Friday which are expected to show a slight improvement on last month. They will be accompanied by the unemployment rate and the hourly earnings figures. So we should expect some significant movement for the US dollar if the case for a US interest rate rise becomes irresistible.
