It was a poor day for the US dollar on Friday in terms of data releases, with both retail sales and producer inflation figures falling short of expectations. However, this did not change the views of some US Federal Reserve members, with many members calling for an interest rate hike in the short term.
We can look forward to a host of data this week. Tuesday will see consumer inflation and industrial production data, with the first positive figure expected in 3 months for each. However, the spotlight will be on the Federal Reserve meeting minutes on Wednesday, especially when it comes to members’ views on a possible rate increase, with many members being very open about the possibility of a December rate hike. Thursday will see the release of the weekly labour data (another stable figure is expected here), followed by the Federal Reserve Bank of Philadelphia manufacturing index, where an increase on the previous month’s figures is forecast.