020 7898 0500Yesterday saw the US dollar lose ground against a number of its most traded counterparts, in part thanks to strong economic data from China, as this showed the global economy was becoming healthier dampening demand for the US dollar as a safe haven currency. Data released from the US did little to buck the trend for the US dollar, as it only managed to reached the levels expected of it, but no better. Today could well be more influential for the US dollar, as two significant data pieces of labour related data are released in the form of weekly unemployment claims figures and the monthly change in the levels of employment. Markets will keep a close eye on both these releases as they should give some indication as to what can be expected from Fridays highly influential Non-Farm Employment Change data. As is the case with every piece of data from across the pond at the moment, positive results will increase speculation as to when the Federal Reserve may commence tapering its quantitative easing program – especially in light of the central bank directly linking tapering to an improving labour market. We also have services PMI data, crude oil inventories and factory orders figures released on a busy day for the US. Call your trader now for the latest pricing on the US dollar in a day with some important data.
