Currency Note US Dollar

US data supportive of the dollar

By Callum Holmes October 8th, 2014

The US dollar had a mixed day yesterday, seeing little change from its opening levels against a large part of the market. There was little economic data from stateside to influence the currency’s fortunes, and as a result investors struggled for encouragement – as they had last week – regarding possible interest rate rises. The only release of note was the mildly influential job openings figure, which followed the positive trend of last week’s labour data by coming out ahead of expectations.

While overnight saw investors look to two Federal Open Market Committee (FOMC) members’ words for any clues, today’s focus remains on them for the same reason. The latest meeting minutes from the FOMC will be released later this evening, and could provide some further insight as to the sentiment of the members, and their feelings on timescales given the latest encouraging data and subsequent pressure and speculation. Ahead of this there is again little in the form of physical data releases, with just oil inventories and bond auctions to precede the minutes. As such, markets may be tentative before this event.