US Dollar – US Markets Upbeat US data saw the US Dollar moving higher against the majors on Friday, The domestic labour market report showed an unexpected drop in the nation’s unemployment rate for September, for the first time since July 2008. Additionally, data revealed that employers added more than anticipated jobs, particularly due to strong hiring pace in the US manufacturing sector. Separately, the ISM reported that the pace of non-manufacturing activity in the US slowed less than expected for September, pacifying investors especially after last week’s soft manufacturing PMI numbers. With the US Fed expected to end its bond purchases programme this month, speculation of the US Fed raising interest rates are picking up steam as robust employment growth could give more ammunition to the policy hawks.With no major macroeconomic data scheduled today, the greenback is likely to remain supported against the Euro after Germany reported a more than anticipated drop in factory orders. Going forward, markets will keep a tab on the minutes of the latest Fed’s policy meeting scheduled later this week for further direction to the US Dollar.
Posted on: Mon, 06 Oct 2014 09:57:26 +0000