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Weekly Roundup: Signs of manufacturing slowdown weigh on US dollar

currency-newsWeekly Roundup: Signs of manufacturing slowdown weigh on US dollar
While investors had anticipated a decline in December’s Philadelphia Fed manufacturing index the sharp drop from 10.4 to just 0.3 prompted USD exchange rates to falter.

This latest signal of a manufacturing sector slowdown helped to knock the US dollar off its positive footing ahead of the weekend as the odds of a weaker fourth quarter growth rate picked up.

Further evidence of the negative impact of the long-running US-China trade deficit gave investors incentive to sell out of the US dollar, particularly in the face of increased market risk appetite.

Speculation that the Federal Reserve could cut interest rates again in the first quarter of 2020 also put a dampener on USD exchange rates, meanwhile.

Another underwhelming week of jobless claims figures may see the US dollar shed further ground on Thursday, with any uptick in unemployment set to spook investors.

Signs of a loosening labour market could weigh heavily on USD exchange rates, especially given the thin trading volumes of the Christmas week.
 
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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