The US dollar (USD) has been doing very well of late, leaving the pound (GBP) and euro (EUR) at multi-year lows. However, profit taking over this quiet period subjected the dollar to a day of losses yesterday. The euro rose over half a percent against the dollar, moving away from last week’s 13-year low.
It’s been a quiet week in terms of data as expected, with market activity around the few traders who are still working taking and closing positions. The Chicago Purchasing Managers Index and the Baker Hughes US Oil Rig Count are the releases of most note today.
For more on currencies and currency risk management strategies, please get in touch with your Smart Currency Business trader on 020 7898 0500 or your Private Client trader on 020 7898 0541.