Currency Note US Dollar

Unemployment data undermines the US dollar

By Smart Currency October 25th, 2013

US dollar rates this week centred around the delayed labour data, originally set for release during the US government shut down. Whilst investors had speculated that these would beat expectations, the non-farm employment change fell significantly short, prompting considerable losses from the US currency. This included reaching near two year lows against the euro, whilst also dropping to the lowest level since the start of October against sterling. An overall improvement to 7.2% in the overall rate of unemployment rate did little to redeem the US dollar, as the weak labour data significantly lowered the likelihood of the US Federal Reserve tapering its quantitative easing program before next year. Today, core durable goods orders for the month is the last chance for the dollar to claw back some of its losses at what has been another end of another disappointing week for the currency. Call your trader now for the latest US dollar rates.