US dollar mainly driven by sterling’s movements

It has been a mixed week for the US dollar, mainly driven by sterling movements. For data, we saw the release of ISM Manufacturing Purchase Managers’ Indices (PMIs) which fell slightly against the expectation, while construction spending showed contraction for a third month in a row. Personal Spending and Personal Income on Tuesday showed mixed results with Spending increasing on the expectation with Income dropping. Wednesday continued to show mixed results with the ADP Non-Farm Employment Change increasing slightly but the ISM Non-Manufacturing Purchase Managers’ Indices (PMIs) decreasing on the previous month.

Today we can look forward to the Non-Farm Employment Change, which is expected to show a large drop on the previous month. If this is the case we can potentially see talk of a possible US Interest Rate hike being pushed back towards the end of the year. Average Hourly Earnings is due to show a mild increase on last month, reaching a three month high.

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