Dollar strength continues
24 May, 2013
The dollar saw some good results yesterday. A strong push towards the end of the day sees a four and a half year high against the Yen at the end of trading. Notably the juggling of currencies in the Asia-Pacific region has held a successful record for the USD, which has become more expensive to buy over the last couple of weeks.
Back closer to home the markets remain cautious as minimal data is expected across the trading day. German data for Q1 GDP gave the Euro a much needed boost, just over 0.1% from the first quarter, bringing the rate for buying Euros down further. Against the backdrop of caution the UK economy has shown positive signs of growth with the European Central Bank (ECB) commenting on the ‘tangible improvement’ to the GBP.
Off the back of Mario Draghi’s comments, the suggestion was given that three weaker economies – Ireland, Spain and Portugal had experienced poor growth and the ECB would review all aspects towards the Euro.
Durable Goods Orders, released by the US Census Bureau later today, measures the cost of orders received by manufacturers for durable goods, which means goods planned to last for three years or more, such as motor vehicles and appliances. As those durable products often involve large investments they are sensitive to the US economic situation and can influence the USD rate. The final figure shows the state of US production activity. Generally speaking, a high reading is bullish for the USD.
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