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RationalFX: The dollar fights back against major currencies

RationalFX: The dollar dominated major currencies yesterday clawing back losses given away earlier in the week.

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There have been recent concerns of an economic slowdown in the US but yesterday’s data helped ease this. The data showed US Retail Sales increased in August. Retail Sales rose 0.7% last month with sales excluding gas and auto-motives up to 2.0%.

US Initial Jobless Claims also increased by 20,000 to 332,000 with the market expecting a reading of 330,000.

The Philadelphia Federal Reserve Manufacturing Survey (Sept) also helped strengthen the dollar. Coming in at 30.7, well clear of last months 19.4. Economists were anticipating a reading of 19. This strong reading shows US manufacturers see things improving, a reading the Fed will be closely watching before next week’s meeting.

Key announcements

07:00 – GBP – UK Retail sales M/M (-0.9%)  (Exp 0.5%, Prev -2.5%)

15:00 – USD – Michigan Consumer Sentiment Index (Sept)  (Exp 71.9, Prev 70.3)

Source : ETFWorld.co.uk

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