Currency Note US Dollar

Key employment data releases could buoy the dollar

By Ricky Bean November 7th, 2013

The US dollar’s progress faltered slightly yesterday on a quiet day for US data dropping to its lowest in a week against sterling. Mildly influential Crude Oil Inventories was the biggest event on a quiet day and they came in as expected. Instead, it was investors’ tentative moods ahead of today and tomorrow that slowed movements, with significant US data releases due out on both days. Firstly, the advance quarterly GDP and the initial weekly unemployment claims later on will be the main talking point of the day, while tomorrow then adds further labour data in the form of non-farm employment change and the unemployment figures. The employment figures are of particular interest to investors, with the labour market having a large bearing on when the Federal Reserve will begin to taper their quantitative easing program, something that has seen increased speculation of late. Any positive data is sure to enhance some people’s belief that a December introduction is on the cards, which would inevitably see strength added to the dollar. Call your trader now for the latest US dollar rates, as intensity rises at the end of the week.