It was seen as a discouraging day for the US Dollar yesterday, particularly in the early afternoon. Durable goods data failed to meet forecasts and actually posted a further decline, dropping to its lowest level since the start of the year. Pending home sales data also failed to spur positivity, with a slower-than-expected increase reported.
Last evening saw the Federal Open Market Committee Statement (FOMC) and the publication of the US’s Federal Funds Rate. The interest rate was kept on hold as expected but the Statement seemed to support further interest rate increases this year, although the November Presidential election may limit it to only one.
Today we have only weekly unemployment claims due, which is expecting to post a stable figure. This figure tends to have little effect on the market unless the figure has a large discrepancy compared to what is expected. Unless markets are still chewing over the FOMC’s statement, any movement for US dollar markets is likely to be a result of events elsewhere.
If you are looking to buy or sell US dollars, we suggest contacting your trader now for live rates, news and currency purchasing strategies.