Dollar Gains Ground into Veterans Day

By Pete Southern in Currency Articles | November 11, 2014 11:09 |

The Pound recovered ground against the Euro and other peers after the US Dollar found renewed support and a report showed that UK retail sales increased in October due to shoppers splashing out on Halloween costumes and items. According to the British Retail Consortium (BRC) retail sales increased by 1.4%. The mild autumn, however, meant that clothing retailers were still struggling. There is expected to be little movement throughout the session due to a lack of influential economic data releases.

US Dollar

The US Dollar regained ground against the majority of its rivals after investors moved on from last Friday’s softer than expected Nonfarm Payrolls report. Traders deemed the data as not being soft enough to convince the Federal Reserve to maintain its loose monetary policy. The central bank is still expected to raise interest rates next year. The currency is likely to experience little movement due to the Veterans Day holiday.

The Euro

The Euro softened against the Pound and US Dollar as concerns over the strength of the Eurozone economy increased on the back of more poor data out of Italy and Greece. The Euro exchange rate is likely to see little movement today due to a lack of data releases.

Australian Dollar

The ‘Aussie’ edged lower against the Pound and other peers as domestic business confidence data disappointed and the US Dollar strengthened. The ‘Greenback’ regained ground after falling in the previous two sessions after Friday’s softer than expected US jobs report prompted investors to book profits.

New Zealand Dollar

The New Zealand Dollar slipped against most of its major peers as the US Dollar gained in strength and investors looked ahead to Wednesday’s speech by Reserve Bank of New Zealand Governor Graeme Wheeler. The latest business PMI data is also due for release.

Canadian Dollar

The ‘Loonie’ went back on the retreat on Tuesday after oil prices fell yet again as economists forecast that US crude supplies continue to outstrip demand. With supplies remaining high out of the Middle East and elsewhere prices are likely to continue to fall.

South African Rand

The Rand weakened against the Pound and other major peers ahead of the release of the latest South African Manufacturing Production data. Economists are forecasting that on a month-on-month basis production fell from 2.2% to -1.34%. Year-on-year activity is expected to have fallen by -0.9%.

Disclaimer: This update is provided by TorFX, a leading foreign exchange broker, its content is authorised for reuse by affiliates.

Pete Southern About Pete Southern
Pete Southern is an active trader, chartist and writer for market blogs. He is currently technical analysis contributor and admin at this here blog.

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