020 7898 0500The US dollar traded on the side-line’s at the beginning of the week as the US markets were shut in accordance of the Labour Day bank holiday. Unrest in Syria was also at the forefront of investor’s minds, helping the safe haven currency as they looked to lower their risk by buying the so-called safe haven currency. Tuesday brought the news that the manufacturing sector had reached better than expected levels, expanding at the fastest rate since June 2011, buoying the currency, as speculation increases as to when the Federal Reserve may commerce tapering its quantitative easing program. Strong Chinese economic data released early Wednesday morning then weakened the US dollar, as risk appetite returned to the market. Yesterday saw an upturn for the currency, thanks to both unemployment claims and non-manufacturing index data being better than expected. Today we will see the release of the crucial non-farm employment change figures alongside the overall unemployment rate. This will be watched extremely closely by investors in light of the central bank’s comments which directly links tapering to an improving labour market. Call your trader now for an up to the minute price on the US dollar, as the busy week continues.
