The US dollar had a quiet but mixed day yesterday, amid further uncertainty in Ukraine. With US data thin on the ground, investors looked elsewhere for guidance, particularly to the situation with the Russian troops. With President Putin saying that there is no immediate need to send them to Ukraine, and pulling them back from the border, the demand for ‘safe haven’ currencies like the dollar and Japanese yen diminished somewhat, causing the dollar to weaken slightly.
Today sees a little more activity in terms of data, with the release of independent non-farm employment change figures, the ever-important precursor to Friday’s official figure. Following this labour data, the non-manufacturing Purchasing Managers Index from the Institute of Supply Management provides more food for thought. Both of these will be of interest, alongside the continuing events in Ukraine; these all have the potential to affect currency strength.
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