After a quiet few weeks for the US Dollar, we could possibly see a more turbulent week. Friday finished with the release of the Consumer Sentiment data, which is a leading indicator for consumer confidence, which came out slightly worse than expected. This fuelled the recent US weakness that we have seen over the past week.
Today is a US Bank holiday, so no data releases are expected. Later in the week, along with the usual Federal Reserve members’ speeches, we will see the release of Building Permit and Inflation data. With inflation pegged to remain low for the short-term, we could expect once again a weak figure as a result. The all-important Federal Open Market Committee (FOMC) meeting minutes are also released on Wednesday, which will provide an insight into possible interest rate rises for the rest of 2015. We will also see the weekly unemployment claims data released on Wednesday, which has recently been weak for the US. In contrast, and perhaps more encouragingly, the release of the Manufacturing Purchasing Managers Index (PMI), which is expected to show slight growth in the sector.
If you are looking to buy or sell US dollars, we suggest contacting your trader now for live rates, news and currency-purchasing strategies, as the situation is constantly changing.