With Thanksgiving taking place on Thursday and no data releases due for Friday, the bulk of activity for the US dollar was expected to occur towards the start of the week.
However, Monday turned out to be fairly dovish leading up to the US Federal Reserve announcement. We saw existing home sales and flash manufacturing purchasing managers’ indices falling just short of expectations. Tuesday saw US Dollar strength as the preliminary growth figure grew more than expected, leading to additional calls for an interest rate rise in December. Data releases for the week finished on Wednesday with durable goods figures showing better-than-expected growth and personal spending remaining flat compared with the previous month.
With retail event Black Friday happening today, it is a quiet day in terms of US data releases. As always, though, events elsewhere could impact US dollar strength, so it pays to be prudent.