020 7898 0500Yesterday saw a lot of movement for the US dollar, trading within wide margins against both the euro and sterling. With little influential data released throughout the morning, the US dollar strengthened across the board throughout morning trading. However, a surprise increase in selling activity on the New York Stock Exchange saw the US dollar fall away sharply throughout the afternoon, erasing much of the gains seen earlier in the day.
Today sees the first major data releases of the week from the US, with ADP non-farm employment figures providing our first guide to Friday’s influential non-farm payrolls release. In addition to this, if non-manufacturing growth is shown to have maintained its strong recent performance throughout January, we may see further US dollar strength as expectations of an early increase in US interest rates rise.
