Yesterday saw the release of accelerated US Gross Domestic Product (GDP) data, which showed that the US economy had grown in the second quarter of 2015; this added further support to the possibility of a rate hike later in the coming months. The US Commerce department stated that the GDP had grown at an annual rate of 2.3%, with first quarter growth also revised up to 0.6%. This news saw the US dollar make gains against other major currency pairs such as the euro and sterling.
Today is a relatively quiet day for the dollar in the wake of all the speculation surrounding a potential rate hike that has been taking place throughout the week. In the afternoon, we should see the release of state based Purchasing Managers’ Index (PMI) data in Chicago – but little other data being released it could be a quiet week.