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Dollar higher amid stimulus speculation

11th November 2013

The US dollar has advanced in forex trading markets today (November 11th), ahead of speeches from Federal Reserve policymakers tomorrow.

On Friday, the October non-farm payrolls report showed American employers added an above-forecast 204,000 new jobs last month.

This has led to suggestions the central bank will look to reduce its monetary stimulus as early as next month.

Minneapolis Fed president Narayana Kocherlakota and Fed Bank of Atlanta chief Dennis Lockhart are set to speak tomorrow and investors will be closely monitoring their comments for indications as to the Fed's intentions.

The dollar has held on to its gains against the Japanese currency today, trading at 99.13 yen as of 11:10 GMT.

Last week's unexpected interest rate cut from the European Central Bank has seen the euro fall to its lowest level in ten months against the pound. This comes ahead of a report this week expected to show factory output across the euro-area dropped last month.

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CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 76.3% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.