US dollar strength continues, despite negative retail sales figures released yesterday, as investors cling on to the US dollar due to firm momentum following the US Non-Farm Employment data last Friday. A reserved start to the week for the US Dollar did not stop it gaining on the majority of its pairings, mainly against sterling and the euro. The release of Retail Sales figures was a major disappointment to the US economy, showing a slight decline against a supposedly positive forecast. Positivity followed later in the day, however, with Unemployment claims falling on the back of the positive non-farm employment data last Friday. Import prices and Business inventories for the US also showed positive signs, helping the US dollar to strengthen further.
Friday will see the release of producer inflation which is expected to show a slight increase, with the previous month being a negative figure. This is due to a rise in Oil prices which is starting to have a more positive effect on both producer and consumer inflation. An indicator for consumer spending is forecasted to show another positive figure.
If you need to buy or sell US dollars, make the most of its current strong position – but remember, this may change! Contact your trader now for live rates, news and currency-purchasing strategies.