Good news for the US Dollar and the Obama administration with the US Dollar now strengthening in response to its own internal data signalling economic growth. The US Dollar did well against other currencies in response to yesterdayââ¬â¢s poor unemployment figures in the UK and spiralling uncertainty in Europe. Whereas UK retail sales have come in slightly worse than expected this morning, the Dollarââ¬â¢s surge yesterday was reflective of strong industrial and export figures.
The industrial and manufacturing sectors have shown of late their ability to drive economic growth in various nationsââ¬â today will reveal if US joblessness figures can help the Dollar continue its rally or cause it to stall.
The US Dollar has gained on both the Pound and the Euro following more positive data with rising industrial output, growing exports and better consumer spending. US Inflation data came in as expected up by 1.1 percent for the month of November.
Todayââ¬â¢s weekly initial jobless claims are one of the next significant releases later today in a dense US data week.
Other Currencies
The Yen weakened against the US Dollar following poor business confidence figures. The Bank of Japan survey showed that Japanese business confidence fell since March 2009 for the first time.
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