Currency Note US Dollar

US dollar loses ground

By Ricky Bean September 10th, 2013

The US dollar had a less than impressive day yesterday, which saw it suffer losses against all but one of its 16 major partners, the Japanese yen being the exception. With no economic data to prompt any changes in the currency, the market took its lead from fears and uncertainty surrounding potential US military action in Syria. Furthermore, news that the decrease in the overall rate of unemployment was thanks to the workforce getting smaller and not because the number of employed increasing harmed the currency. With labour data not coming out as strong as some had expected, this has lowered the probability of the Federal Reserve tapering its quantitative easing program this month and has created greater speculation as to how aggressive the tapering would be when it does commence. Today is also quiet on the data front in the US, with no data of any significance due for release, however any developments in Syria are likely to create volatility for the US dollar. Call your trader now for the latest price on the US dollar, as the week continues its relatively quiet start.