020 7898 0500US data releases disappointed last Friday. With two previous readings of Non-Farm Employment Changes data exceeding their past forecasts, there was hope that Friday’s figure could follow suit. However, figures showed that employment had dropped compared to both the estimated figure and the previous month’s figure. Average Hourly Earnings data was also disappointing, similarly dropping from both expectations and the previous month’s figures. The double act of disappointing labour market data drove US dollar weakness on Friday, particularly against its major peers, like the pound sterling.
With Monday being a Labour Day Bank Holiday in the US, investors will be looking forward to the ISM Non-Manufacturing Purchasing Managers’ Index (PMI) on Tuesday, which is expecting to post continued growth. There will also be more data from the labour market for analysts to mull over, after last week’s disappointing results. JOLTS Job Openings figures on Wednesday are expected to fall slightly from the previous month; we will also be looking forward to the weekly unemployment claims data on Thursday. All of this activity could spell further movement for the US dollar.
If you are looking to buy or sell US dollars, we suggest contacting your trader now for live rates, news and currency purchasing strategies.
For the latest rates and news on a wide range of currency pairings, please get in touch with your Smart Currency Business trader on 020 7898 0500 or your Private Client trader on 020 7898 0541.
