The US Dollar has climbed higher against the Pound and the majority of its most traded peers after the latest jobless claims, non-farm productivity, and ISM manufacturing PMI data all came in ahead of economist forecasts.
According to the Bureau of Labour Statistics US, non-farm productivity rose more-than-expected in the last quarter of the year. Non-farm productivity rose to a seasonally adjusted 2.3%, from the 0.9% recorded in the previous quarter. Economists had called for a rise of 1.5%.
The Institute for Supply Management reported that its index for manufacturing rose to 58.6 in August, up from the 56 recorded in July. Analysts had been calling for a figure of a slight drop to 55.
The main piece of data released today however was the latest jobless claims report which showed that the number of people claiming unemployment benefits fell by 9,000 to 323,000 in the week ending August 31st. The figure means that the number of new claimants is close to a five-year low.
The data came after an ADP report showing that 176,000 jobs were created in the U.S. private sector in August, less than the expected 180,000 increase, after a downwardly revised 198,000 rise the previous month. The positive job reports are expected to pave the way for tomorrow’s more important non-farm payrolls data which is expected to show improvement.
Speculation is now running higher that the Federal Reserve will taper its quantitative easing programme on the 17th of this month; as a result the Dollar now looks set to make further gains against its peers, in particular the emerging market currencies such as the Indian Rupee, and South African Rand.
Current US Dollar (USD) Exchange Rates
The US Dollar/Pound Sterling Exchange Rate is currently in the region of: 0.6409
The US Dollar/Euro Exchange Rate is currently in the region of: 0.7585
The US Dollar/Australian Dollar Exchange Rate is currently in the region of: 1.1094
The US Dollar/Japanese Yen Exchange Rate is currently in the region of: 100.0569
The US Dollar/Canadian Dollar Exchange Rate is currently in the region of: 1.0503
(Correct as of 15:40 pm GMT)
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