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Weekly roundup: Lacklustre week for US dollar

currency-newsWeekly roundup: Lacklustre week for US dollar
USD managed to ignore pessimistic comments from Federal Reserve official James Bullard on Monday, posting strong gains in spite of his claims that interest rates didn’t need to be raised again this year.

However, midweek saw the US dollar falling after President Donald Trump unexpectedly fired FBI Director James Comey. Trump claimed this was largely due to his mishandling of an investigation into Hillary Clinton during the election campaign; Comey’s ill-advised commentary on the proceedings is claimed by many to have been responsible for Clinton losing the election. However, Democrats argued that the timing of the sacking suggested Trump’s motivation was more personal; Comey was in charge of the investigation into the links between the current administration and Russia.

Friday’s US data kept demand for the US dollar cool. Consumer price growth didn’t accelerate by quite as much as expected, while advance retail sales grew 0.4% in April rather than the forecast 0.6%. Overall this data was neither strong nor weak enough to change the odds of the Federal Reserve hiking interest rates next month, so there was little reason for USD to appreciate.

This week is surprisingly quiet for US data, so the US dollar may see muted movement over the coming few days, barring any surprise political developments. Thursday’s initial and continuing jobless claims figures will give a good indicator of whether the labour market continues to tick over nicely; a figure under 300,000 for initial jobless claims is considered positive.
 
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)

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