020 7898 0500It wasn’t a great start to the year for the US dollar on Tuesday, as it weakened rather sharply against the pound. However, yesterday saw the greenback retrace the losses and make some significant gains against sterling and the single currency. It just goes to show that nobody can truly know what is going to happen from one day to the next.
Manufacturing PMI from the States came in at 59.7 which was better than the 58.1 predicted by economists, but one wonders why Trump’s Tweets about nuclear weapons failed to have more of a bearing on the markets. Perhaps we’re all just getting used to it now (which is alarming in itself).
Today’s key data release from the US is the jobless figures, although we have the composite and services PMI for December too. Taken together, these readings will paint a picture of how the US economy is doing.
For more on currencies and currency risk management strategies, please get in touch with your Smart Currency Business trader on 020 7898 0500 or your Private Client trader on 020 7898 0541.
