Currency Note US Dollar

US data likely to move the US dollar

By Smart Currency June 2nd, 2014

The US dollar harboured mixed but muted fortunes to end last week, with no major events to trigger a significant single shift in the currency. Some minor data from the Chicago Purchasing Managers’ Index (PMI) first injected some strength to the dollar, by beating its projection. This was counteracted, however, by the Consumer Sentiment from the University of Michigan, which fell short of its expected level.

This week sees the regular start of monthly releases, starting today with the PMI from the manufacturing sector. Tomorrow is quiet, before events ramp up from Wednesday, with the independent non-farm employment figure coming in alongside the trade balance from stateside, as well as the non-manufacturing variety of the PMI. Thursday continues the labour market’s dominance, as the unemployment claims figure is due. Friday holds arguably the most influential release, with the official non-farm payrolls figure. Supported by the unemployment rate, this event often causes activity in the major markets, so it will be near the top of investors’ lists of interest.

As you can tell this is a busy week for US data and so if you are looking to buy or sell US dollars I suggest contacting your trader now for live rates, news and currency-purchasing strategies.