Monday wasn’t the best of days for the US dollar, as it managed, over the full 24 hours, to fall against both sterling and the euro. Given the problems in Greece, this was quite a surprise against the euro. There was no significant data that caused this shift -although pending home sales fell below expectation, it wasn’t a huge difference. In many ways, it just appears that the afternoon strength in the Eurozone was just a market correction.
Today sees the release of the Consumer confidence data, and it is expected to be above last month’s result. Hitting expectation or better could cause the dollar to move closer to the 1.10 mark where it was late on Sunday.