The US dollar had a disappointing day yesterday, enduring its first consecutive daily decline in November. This fall came amidst a number of poor showings from economic data, in a variety of areas.
Firstly the durable goods orders and the unemployment claims both came out behind expectations, weighing down on the dollar. The labour market is a key area, and poor results in this area push back timescales over any potential interest rate rises. Following on from this, data continued to miss expectations, with the Chicago Purchasing Managers’ Index and University of Michigan’s consumer sentiment both showing worse figures. The final major release of the day was the new home sales, and both it and its pending counterpart followed the pattern of the day. All of this led the dollar to drop against most of it’s major peers, including sterling and the euro.
Today is set to be a quieter day stateside, as the Thanksgiving bank holiday is upon us. As such, there is no data released; thus, the dollar looks likely to struggle to harbour support of its own.