The US dollar had a relatively quiet day to start of the week, but did make notable advances against the euro. With little economic data due from anywhere, markets were largely muted, but the Housing Market Index from the National Association of Home Builders showed confidence at a seven-month high, prompting a surge against the euro in particular.
Investors were also looking ahead to today, where there are a number of influential data releases to provide potential movement in US dollar markets. In the afternoon, building permits data will be released, alongside the ever-important inflation data in the form of the Consumer Price Index. The dollar has slid since Friday’s mixed data, so positive results today could help to stem this trend. Elsewhere, the Ukraine-Russia situation continues to bubble in the background, with investors keeping an eye on this as it could effect dollar’s safe haven reputation.