Currency Note US Dollar

Will this week’s data help an under pressure US dollar?

By Smart Currency October 21st, 2013

The US dollar continued its decline on Friday in the wake of the government shut down and its subsequent ramifications. Words from members of the Federal Open Market Committee pointed towards the fact that they would keep their bond buying process at the current levels, all but confirming investors suspicions that the tapering program will be held off for the foreseeable future. This pushed the US dollar towards lows against sterling and the euro. This week will see the dollar try to re-gather itself and recoup some of these losses and a raft of data to be released this week could play its part in helping it do so. Today, existing home sales kick off the weeks releases, while tomorrow has the highly significant non-farm employment change and the unemployment rate. Wednesday is somewhat calmer, while Thursday holds the unemployment claims and the new home sales figures. Friday ends a consistently data-heavy week, with the core durable goods orders. A good showing from these figures could help pick up some of the pieces from last week, while any further fall out from the situation could well weigh heavily on the US dollar. Call your trader now for the latest rates on the US dollar, as it tries to kick start its recovery.