The US Dollar pushed a little higher on Wednesday against many of the major currencies – despite the fact that the US home sales figure fell unexpectedly in June. The main reason for this rise was likely as a result of investors anticipating the Federal Reserve’s rate statement. The minutes released from the statement will highlight the potential of a rate rise in the US – which could strengthen the dollar. Many major analysts suggest that the six-month forecast for the GBP/USD rate is around the 1.50 mark against the pound – which effectively means that sterling will lose its strength gathered in recent months.
Today we see the release of the second quarter growth figures, Goods Trade Balance and US Unemployment Claims data – a drop in the latter is sure to spell positive movements for the US dollar.