Currency Note US Dollar

US dollar steady

By Smart Currency November 5th, 2013

The US dollar struggled yesterday despite making solid gains overnight as investors took profit after the dollar’s recent strong performance. Comments from several members of the Federal Reserve sparked a reaction in the market after it was noted that the possibility of the Federal Reserve tapering its quantitative easing program was data dependent (both in terms or an improving labour market and inflation heading back towards its 2% target)and that it was still a possibility in December (when the next Federal Open Market Committee meeting will take place). Out today, Services Purchasing Managers Index (PMI) figures will be the main release on the US economic calendar and a strong reading will lead to further speculation that the Federal Reserve could look to taper in December. Please call now to get the latest US dollar rate.