The US dollar continues to be under pressure thanks to continued reaction from last week’s words from Janet Yellen. As Chairwoman of the Federal Reserve, her statement that low interest rates would be maintained for the foreseeable future caused further negativity for the US currency. Yesterday gave a small piece of positivity for the currency, as the existing home sales came in ahead of expectations. However, there was little else to provide support, and the currency ended the day behind.
Today holds a few more points of interest, with the consumer confidence due alongside the new home variant of yesterday’s data. As such, the dollar will be looking for further positive results to help try to reverse the current trend.