020 7898 0500We saw mixed data released from the US yesterday, in terms of inflation figures and manufacturing and building data – which all led to a weaker dollar, which had already fallen overnight against sterling. The British currency had been strengthened by better-than-expected UK inflation data as the first raft of post-Referendum figures were released. Overall, the US dollar had a weak day all round, also losing ground to the euro.
Today we await the speech and latest meeting minutes coming from the Federal Open Market Committee (FOMC), and any hint that of an interest rise before the end of the year is likely to see the dollar strengthen against sterling and the euro. Investors will also be keeping an eye on further post-Referendum data releases from the UK, as unemployment data is expected to show the effect of the Referendum on the labour market. Any disappointment for the UK contained within this could be beneficial for the US dollar as it confirms the negative economic impact of Brexit.
If you are looking to buy or sell dollars, we suggest contacting your trader now for live rates, news and currency purchasing strategies.
