Monday was a quiet day for the US data but the US dollar benefitted from worries over Greece. The only data release was the housing market index, which came below expectation for future home sales. US Federal Reserve member Evans also spoke – putting the spotlight on a possible interest rate rise. He advised that a rate lift-off should now definitely wait until the start of 2016, but emphasised that a June rate rise could still happen if the Federal Reserve were confident in the strength of the US economy.
Today we expect more housing data to be released – building permits and housing starts are both expected to increase. The main talking point this week will be the FOMC meeting minutes released on Wednesday: a detailed report of the most recent Federal Reserve meeting. This will be a good indicator as to how the majority of members feel about a possible interest rate rise, and the recent slowdown in the US economy.