The Dollar strengthened against a basket of currencies during yesterday’s session after data revealed the number of Americans filing applications for unemployment benefits unexpectedly dropped last week, showing further healing to the US job market.
The fall in unemployment accompanied by a pick up in hiring are among reasons Federal Reserve officials are reducing quantitative easing and plan to bring an end to the stimulus program by the end of the year.
Analysts at HSBC believe the US will be well on the road to recovery if the hiring pace that we saw in the first half of the year can be sustained, giving the economy a much needed boost.
The Dollar gathered further momentum later in the session when the Philly Fed Manufacturing Index surpassed forecasts, indicating businesses are positive on current business conditions.
14:55 BST- USD - Consumer sentiment survey (July) expected to be higher at 83.00
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