Currency Note US Dollar

US Dollar boosted by weakness elsewhere

By Ricky Bean July 10th, 2015

The week has seen mounting US dollar strength, even without a very positive week for data releases. This strength has mainly come from both euro weakness, due to the ongoing Greece-Eurozone situation, and sterling weakness in the lead up to the UK Emergency budget.

The week hasn’t been great for data releases, however, with the ISM non-manufacturing purchase managers’ index (PMI) showing slower-than-expected growth. US trade balance and JOLTS job openings data did increase very slightly, showing that additional jobs are being created. The spotlight of the week was on the US Federal Reserve minutes, which were underwhelming, with members refusing to give any indication on rate or forecasts. The weekly unemployment claims was also unimpressive, showing slight weakness.

No data is due out today, with Federal Reserve Chairperson Yellen due to speak, following up on the Federal Reserve minutes.