020 7898 0500What is expected to be a data-heavy week for the US dollar began in tumultuous fashion yesterday, with the Empire State Manufacturing Index reading falling short of expected levels and showing signs of contraction. This initially had little effect on the markets, however, as this data reflects scenes within the Greater New York, while hinting at some poor economic health on the east side of the US. The NAHB housing market index showed a slight contraction on previous figures but the overall picture remains positive due to the figure remaining over 50, which denotes growth.
Today we will see a raft of data emerge from the US. Core Consumer Price Index (CPI) and Building Permit data represent the most interesting releases of the day, especially as both are due to show growth, which hints at economic health in both sectors. Industrial Production is also due to show some expansion, so watch out for some movement on the back of these three releases. In addition to these, we will see month-on-month CPI figures released, with expansion expected.
If you are looking to buy or sell US dollars, we suggest contacting your trader now for live rates, news and currency purchasing strategies.
