020 7898 0500The US dollar finished last week with a flourish, strengthening on the back of impressive labour data. The non-farm employment change figure surpassed market estimates – reaching 204,000, whilst last month’s figure was also upgraded. Whilst the overall unemployment rate actually increased to 7.3%, this was in line with expectation and in turn, speculation has increased that the Federal Reserve may taper of its quantitative easing program in next month’s central bank meeting. As for this week, today will inevitably be quiet, as the US and Canada enjoys a Bank Holiday in honour of Veterans Day. Things pick up slightly on Wednesday with a few minor releases, before Thursday’s speech from the Federal Reserve Chairman. Furthermore, physical data released on Thursday in the form of the trade balance and the unemployment claims may well increase volatility in the markets. Another event of note this week will be the testimony from Janet Yellen, who has been nominated to succeed Ben Bernanke when he steps down from his position as Federal Reserve Chairman in January. This testimony will include a question and answer session section where she must defend the central banks currently monetary policy and investors will look for hints as to when monetary policy may change. Call your trader now for the latest US dollar rates.
