Yesterday the dollar was choppy against sterling but came out ahead of both currencies despite battling inflation. Today, the dollar makes a swift turn and is weaker against both sterling and the euro.
Markets have heard a number of speeches from the Federal Bank this week, yesterday Raphael Bostic spoke on inflation.
Two big data releases from the US today. Non-farm payrolls for August will be released this afternoon. US markets are predicting even more jobs will be added to the economy following last month’s increase. Today’s data sees predictions of 310k additional jobs to the economy
The US Unemployment rate for August will also be released today. Unemployment decreased in July to 3.5%, which was the lowest rate since February 2020. Markets are expecting these figures to stay the same for August.
Ahead of November midterm elections, President Joe Biden is criticising republicans. He says that “Maga forces are determined to take this country backwards”. This also follows new developments in Donald Trump’s criminal investigation.
For more on currencies and currency risk management strategies, please get in touch with your Smart Currency Business trader on 020 7898 0500 or your Private Client trader on 020 7898 0541.
