The trading week has just drawn to a close and it was a great ending for anybody with US dollars bets on their books. Bettors saw the US dollar thrive on Friday as news of strong consumer sentiment, coupled with other key factors, propelled the greenback up the charts.
The dollar was pretty much up right across the board as the US released details of its strongest consumer sentiment figures for just under six years, something that anybody who was betting on the dollar today became well aware of. However, it wasn’t just this news that favoured the dollar during Friday’s trading sessions. With these encouraging figures being brandished about, there is now every possibility that, as a knock on effect, we will see the US Federal Reserve starting to curb its quantitative easing program, something that many investors and traders believe will happen.
Other factors across the world have also assisted the firming up of the US dollar’s positions across most markets. Over the Atlantic in Europe, the news of rising unemployment figures across the continent was confirmed, which instantly hit the already under pressure European single currency.
The dollar is heading for an overall gain of 3.5 per cent for May, which is its best display since January but the next couple of weeks could be telling for America’s currency and its economy as a whole. Next week we can look forward to the non-farm payrolls report for May and also further news from the US Federal Reserve regarding future economic intervention.
Of you fancy taking your chance placing spread bets on the US dollar, now seems to be the time to do so. Well, On Sunday night when the markets open again.