The US dollar had a largely disappointing day yesterday, despite some positive growth figures from the country. The main data release of the day was the preliminary US growth figure. This came out better than expected, showing an unexpected increase to 3.9%. However this failed to boost the currency, and worse-than-expected consumer confidence data later in the afternoon weighed down on the currency’s performance.
Today holds a raft of releases to potentially affect the dollar, as plenty is squeezed in before Thursday’s Thanksgiving bank holiday. The most influential data of the day are likely to be the durable goods orders, unemployment claims, and new home sales. With each of these a good indicator to economic health in varying key areas, there is plenty of opportunity for activity.
Supporting these are many less important releases, which still have the power to combine to have a large impact on dollar strength on the whole. These include the personal spending levels, the Chicago Purchasing Managers’ Index and the pending home sales figures. These could potentially help the dollar gain back some ground before the Thanksgiving break.