The US dollar had a fairly positive start to the week, strengthening significantly against a weakening sterling, whilst also advancing against the Japanese yen.
A busy day for the US today, with a number of key events that could affect currency markets. First, we will see the release of the monthly retail sales figures which are expected to show a slight increase. Following this, the US Federal Reserve Chair Janet Yellen is due to speak in front of the Senate Banking Committee in Washington. Investors will look for any clues concerning her plans for future monetary policy and most importantly, when we can expect interest rates to rise. Some smaller releases could also support US dollar movements, but these two pieces will be the main focus points for the day.