Currency Note US Dollar

US dollar hopes for a better week

By Smart Currency October 28th, 2013

The US dollar had a mixed end to the week as it fluctuated against sterling and the euro. The two main sets of manufacturing data that were released had opposing impacts on US dollar performance. Figures for core durable goods orders – which exclude orders for transportation goods – were down on predictions, however figures that included orders for all goods were much improved. As a result, the euro – US dollar rate remained at around 1.38 whilst gains were made throughout the day against sterling. Looking ahead to this week the first key release is set to be today’s monthly pending home sales data. As a key economic indicator these will help to determine how the US dollar starts the week as it continues to struggle to appreciate as the fallout from the prolonged US shutdown lingers. The markets will look towards the Federal Open Market Committee meeting on Wednesday where the central bank will decide if they should start to taper its current quantitative easing program. Other key releases includes retail sales data on Tuesday and the Manufacturing Purchasing Managers’ Index released on Friday. Call your trader now to keep abreast of US dollar movements, in what is likely to be a volatile week.