Currency Note US Dollar

US dollar enjoys a positive start to 2014

By Ricky Bean January 6th, 2014

The US dollar ended the week with positive movements again, fighting back from the two and a half year lows against sterling to post its first weekly gain for a while. This was largely down to weakness from the UK side, with the view that the US economy will be better positioned in the near future. On Friday evening and over the weekend, we heard from members of the Federal Open Market Committee, including the chairman Ben Bernanke. A busy week for the US kicks off today with the Senate voting on whether or not Janet Yellen should take over from Ben Bernanke as the Chairperson of the Federal Reserve. Also today will see non-manufacturing Purchasing Manager Index figures and factory orders released. Investors will also look forward to a raft of labour data released over the coming week, the first of which is the ADP Non-Farm Employment Change statistics released on Wednesday, which acts as a precursor to the highly influential Non-Farm Employment Change figures released on Friday alongside data showing the overall rate of unemployment in the county. The Federal Open Market Committee (FOMC) meeting minutes will be analysed closely by economists as they look for some clarity as to the degree of consensus from the members with regards to the central bank’s decision to taper its quantitative easing program. Get in touch with your trader for the latest on the US dollar, on a key week for the American currency.