U.S. Dollar Steady Against Majors, Less Calm On Others

The U.S. Dollar is in the midst of major swings this week after gaining back all of its losses to most counterparts from the days prior.

Overview

Concerns over trade and overall economic growth are now causing a flight to safety, which has favorably impacted the buck. The movements that mattered most were against commodity and emerging market currencies.

The ADP Employment Report this morning revealed less added payrolls than thought at 179K right under the 195K estimate for November. We have PMI Composite, Durable Goods Orders, and Factory Orders all out at 10AM, which if weakened could perhaps push the greenback the other way. An OPEC meeting today may provide guidance on the direction of crude prices and potentially move MXN and CAD in a big way.

What to Watch Today…

  • • Factory Orders 10AM• Durable Goods Orders 10AM

EUR

The Euro may see an eventual surge once economic indicators being strong start paying dividends. A somewhat highly expected German Factory Order reading showed the country managed to expand its consumption instead of the forecast contraction. Numbers for October showed growth of 0.3% instead of the (-0.4%) reduction. Thus far, political pressures and trade issues have kept Euro subdued, but an optimistic ECB and ongoing progress in indicators could change things as the month moves forward.

GBP

Without a clear picture of what else could be done to guarantee the Brexit deal, Pound Sterling is flat. Swings for other currencies are wilder at the moment since all regarding the U.K.’s future lies on the December 11th vote in Parliament. Losses have already been suffered by Prime Minister May this week when it comes to a no-deal scenario, or protection from it, and potential adjustments within the draft. It is possible she could be spending Christmas without the pressures from the job.

SOURCE: TEMPUS https://goo.gl/SyfjBh

See how much foreign currency your money can buy right now.

Account opening: https://online.moneycorp.com/AccountOpening/Default#/stage_1?rp=0020743457

General enquiry: https://partners.moneycorp.com/contactus/?rp=0020743457

Currency converter: https://partners.moneycorp.com/converterus/?rp=0020743457