Wednesday was another positive day for the US dollar, as it strengthened over a cent against the euro and gain ground against sterling. This was essentially down to a stable figure from the Automatic Data Procession (ADP) Non-farm employment change, and better than expected Trade Balance and ISM Non-manufacturing Purchase managers indices (PMI). We also had Janet Yellen, Chairman of the Federal Reserve, in her testimony to a Congressional Committee that a December increase in US interest rates was a “possibility”
Today we can look forward to weekly labour data, also expected to be another stable figure in the lead up to the Non-Farm Employment change release on Friday. Various US Federal Reserve members are also speaking, including Fischer, Dudley and Lockhart who have recently giving Hawkish views regarding a possible interest rate rise in the short term.