Currency Note US Dollar

Janet Yellen take the helm at the Federal Reserve

By Ricky Bean January 7th, 2014

The US dollar had a disappointing day on the whole yesterday, thanks to weaker than expected data being released. The main announcement was that the non-manufacturing purchasing manager index from the Institute for Supply Management showed an unexpected decline, causing the US dollar to fall for the first day in five. Overnight, Janet Yellen was voted in as the successor to Ben Bernanke at the helm of the Federal Reserve and will take over as Chairperson from February 1st. Today will give investors the Trade Balance from the country, while they will also look forward to a raft of labour data released over the coming week. The first of these is the ADP Non-Farm Employment Change statistics released tomorrow, which acts as a precursor to the highly influential Non-Farm Employment Change figures released on Friday alongside data showing the overall rate of unemployment in the county. The Federal Open Market Committee (FOMC) meeting minutes will be analysed closely by economists as they look for some clarity as to the degree of consensus from the members with regards to the central bank’s decision to taper its quantitative easing program. Get in touch with your trader now for the latest US dollar rates, in an important week for the American currency.