The US dollar suffered yesterday, drifting against the euro and falling to its lowest levels in a month against sterling, following impressive manufacturing and production data from the UK. With data pointing to an increase in the number of job openings during February largely ignored, the dollar still appeared to be faltering as a result of last Friday’s unspectacular labour data. This data suggested that economic growth in the US is struggling to accelerate, and served to ease pressure on the US Federal Reserve to raise interest rates.
Today sees the release of minutes from the latest Federal Reserve meeting, which is expected to show the vast majority of members in favour of continued tapering of the quantitative easing program. Any deviation from this is likely to cause movement in the markets.
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