Currency Note US Dollar

Positive employment figures keep US dollar steady

By Smart Currency December 5th, 2013

The US dollar had a positive day following recent darker times thanks to some encouraging signs from the labour market although we have seen some slippage first thing this morning. The ADP Non-Farm employment change showed a healthy increase, more so than expected, and as such saw the US dollar rally against the majority of it most traded partners. As the precursor to Friday’s highly influential Non-Farm Employment Change figures, yesterdays labour data led investors to believe that Fridays figure could also surpass current market estimates which would put more pressure on the Federal Reserve to consider tapering its quantitative easing program in two weeks’ time at the central bank meeting. Further encouragement came from new home sales, although the non-manufacturing Purchasing Managers Index (PMI) came in slightly behind expectations to dampen spirits a touch. Today continues the important events, with both the preliminary GDP figure alongside more labour data from the unemployment claims figures. Get in touch with your trader now for the latest US dollar rates.