The US Dollar weakened across the board today as a Federal Reserve interest rate hike seemed to move further away after durable goods data disappointed, having now fallen for two months in a row. The U.S. Commerce Department reported that durable goods orders had fallen 1.3% between September and August – well away from the expected 0.5% increase and following the massive 18.3% reduction in August. The key data of business spending also fell 1.7%, the lowest level we have seen for eight months and in direct contracts from the 0.6% increase expected.
This poor data has increased the markets interest in today’s Federal Reserve meeting announcement and whether or not they stop their programme of quantitative easing. Expectations are they will stop it so if they don’t the US dollar will be under extreme pressure. Talk of interest rate increases is still some way off.
I think it is best to expect some rapid movements in the US dollar today and therefore if you are looking to buy or sell US dollars, we suggest contacting your trader now for live rates, news and currency-purchasing strategies.