It was another quiet day for the US dollar on Tuesday, with both manufacturing and housing market data releases showing a slight drop against previous and forecasted figures.
Today we can look forward to a livelier day for data releases. Housing, inflation and industrial data are released with the majority of figures expected to show a small decline on the previous month’s releases, as most sectors struggle to work with the low inflation rates and oil prices.
Despite this, the focus today will be on the Federal Reserve minutes, which are released in the evening. These will show a detailed report on the Federal Reserve’s most recent meeting, which is expected to involve interest rate levels. A small minority of Federal Reserve members are in favour of an early and gradual rise. We should expect movement in the US dollar as the markets digest what is contained in the minutes. .