020 7898 0500The US dollar had a positive day yesterday, as data from the country boosted optimism for the US. It made ground against most of its main currency partners following the release of an independent non-farm employment change figure. As a precursor to tomorrow’s official variant, this is an influential measure, and the level for March showed the biggest increase this year. As a result, the dollar hit the highest point in two months against the yen, as this outcome raised hopes of an interest rate rise stateside. A rise in interest rates has recently been hinted at recently by Chair of the US Federal Reserve Janet Yellen. As such, investors are seeing such results like yesterday’s as encouragement that this will become a reality.
Today, there are a number of significant figures to follow on from yesterday, starting with the trade balance and the unemployment claims. With the labour market of particular importance, this second figure could prove important in determining dollar strength. Later on in the day, the Institute for Supply Management will release their non-manufacturing Purchasing Managers’ Index (PMI), to provide more food for thought.
Looking to buy or sell US dollars? Contact your trader for the latest rates and updates, as well as for currency-purchasing solutions.
