If you are having difficulty locating the information you require, we're here to help. Just get in touch and we will do our best to assist you.

Weekly Roundup: Extended production slowdown drags down US dollar

currency-newsWeekly Roundup: Extended production slowdown drags down US dollar
Support for the US dollar faltered ahead of the weekend thanks to evidence of a deepening contraction within the US manufacturing sector.

Underwhelming industrial and manufacturing production figures put a dampener on USD exchange rates on Friday, pointing towards a greater loss of momentum within the world’s largest economy.

Although hopes of an imminent breakthrough in US-China trade relations faded, fuelling a greater sense of market anxiety, this was not enough to shore up the US dollar.

Even a modest uptick in October’s US consumer price index data failed to boost USD exchange rates, given the fact that the measure is not the Fed’s preferred gauge of inflation.

Further weakness could be in store for the US dollar on the back of the latest set of Federal Open Market Committee (FOMC) meeting minutes.

If the minutes highlight an increased sense of anxiety among Fed policymakers this is likely to put additional selling pressure on USD exchange rates on Wednesday.

Another disappointing showing from the Philadelphia Fed manufacturing index may add to the bearishness of the US dollar as confidence in the underlying health of the US economy continues to weaken.
Philip McHugh

Philip McHugh

Joining the corporate trading desk in 2007, Phil now over sees all of Currencies Direct’s corporate dealing activity. Having gained experience working with hundreds of businesses to optimise international payments processes and execute comprehensive risk management strategies, Phil currently works with a portfolio of corporate clients whilst managing Currencies Direct’s overall market exposure

Phil has FCA approval and has completed the Certificate in International Treasury Management (CertiTM)

Check our exchange rate

Thanks, we'll be in touch.

Check your inbox - one of our currency experts will be in touch to complete your quote.

If you want see our online exchange rates straight away, simply register online & log in.