The US dollar had a mostly positive day yesterday, enjoying gains in most key areas. Following weakness from the Eurozone, the dollar touched its best price in nearly nine years against the multi-nation currency, and since August 2013 against sterling. There was no data of note from stateside to influence the markets further, with just some words from a member of the US Federal Reserve for investors to ponder.
With speculation rife over when the US will announce its interest rate rises, any clues as to the timeline for this will be key. The central bank stated that it does not rule out tightening later in 2015, and reiterated that any decisions would be data led.
Today holds just the one major piece of data in the shape of the non-manufacturing Purchasing Managers’ Index (PMI) from the Institute for Supply Management. This could be supported by the factory orders, as the dollar looks for physical support to the speculation.