This report looks at the cost of exchanging US Dollars and what is impacting USD exchange rates.
The latest set of US non-farm payroll figures are announce tomorrow and are set to show a sharp drop compared to last month. However, as regular readers will know the non-farm payroll figures are so difficult to predict as they are such large numbers so the actual figures are usually quite different to the prediction.
This can lead to large swings in the US Dollar exchange rate resulting in a busy day for any clients looking to buy or sell Dollars.
While the figures are expecting to be lower than last month that may not be much of a surprise as the figure in January was particularly strong. So, I expect the figures to be lower than last month but they may not be as bad as predicted and therefore we could see some USD strength as a result. Today we will see the initial jobless figures released which may give us a sneak preview to tomorrow’s key, non-farm payroll announcement.
We recently saw a couple of relatively unexpected results in the Iowa primary which saw Hilary Clinton narrowly clinch victory over her Democratic Party rivals and Ted Cruz beat Donald Trump and the other Republican candidates. The next key date is February 27th with the South Carolina Primary taking place and as momentum builds we can expect to see the Dollar remain in uncertain territory.
We saw with the last UK election how it can impact on that country’s currency and I expect that as we get closer to the November 8th Presidential election deadline we will see the USD continue to remain under pressure until the new President is announced and his policies for the country and its economy become clear.
For more information on how future data releases could affect your currency requirement, call our trading floor on 0044 1494 725 353 or email me here.
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