The US dollar suffered at the end of last week, with euro pushing to a 2014 high against the dollar after promising inflation figures out of the Eurozone. This movement came despite a vote of confidence in the US economy from US Federal Reserve Chair Janet Yellen as she confirmed that tapering of the quantitative easing program would continue.
This week sees a number of data releases from the US, kicking off with the release of the Manufacturing Purchasing Managers’ Index (PMI), which gives an indication of the level of confidence that businesses have in the economy. PMI data from construction and final services follow later in the week. Thursday sees William Dudley of the Federal Reserve speaking, which could provide clues regarding future monetary policy. Unemployment claims are also released on Thursday, followed by the key Non-Farm Payrolls (unemployment) data on Friday, which could be influential.
Wondering when to buy or sell US dollars? Contact your trade now for live rates, updates and strategies for minimising risk and saving money on currency conversions.