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Fundamental Currency Analysis

Fundamental Currency Analysis

October 2nd, 2014    Guest post by Jay Hawk at Orbex.

USD: The U.S. Dollar Index is trading lower today, off -0.2530 or -0.29% to 85.7190 after opening the day at 85.8260 in Asia. The Greenback is lower reacting to excessive gains in the past two weeks, according to some analysts. Also pressuring the currency were mixed economic data, with yesterdays release of ADP Non-Farm Employment Change, which came in slightly better than expected at 213K new jobs in September, versus an expected 207K. ISM Manufacturing PMI conversely, came out at 56.6 missing the analyst consensus of 58.6, while Crude Oil Inventories came out at -1.4M versus an expected reading of +0.6M. Thursday’s U.S. data includes Weekly Initial Jobless Claims (299K) and Factory Orders (-9.4%).

 

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