US dollar is getting a little bit of help today, thanks to some optimism about what might be next for the economy.
It’s expected to be a big week for the US dollar. Recent economic data has been somewhat hopeful. While manufacturing activity is at a relatively weak level for October, but improved new orders data and increased construction spending helped balance it out.
What many Forex traders are really looking forward to, though, is the non-farm payrolls data for October, due out later this week. ADP will release its report tomorrow, providing a preview of what to expect later in the week. While some expect a certain amount of weakness to persist, the hope is that the situation continues to make slow progress.
Federal Reserve policymakers have hinted that December could be the time for a rate hike, if the economy appears to be holding its ground. This optimism is providing a bit of support for the dollar today.
At 15:17 GMT the US dollar index is higher, moving up to 97.417 from the open at 96.913. EUR/USD is lower, falling to 1.0959 from the open at 1.1017. GBP/USD is also lower, dropping to 1.5378 from the open at 1.5417. USD/JPY is higher, moving up to 121.1130 from the open at 120.7580.
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