The week started with a little dampening of confidence in the US as a voting member of the Federal Open Market Committee (FOMC) played down the recent run of encouraging data, saying it would not necessarily be enough to prompt an increase in the pace of the tapering of the central bank’s quantitative easing programme. This lack of confidence weakened the US dollar against the euro, hitting fresh two-and-a-half year lows.
Yesterday then brought some respite for the currency, as both retail sales and unemployment claims figures showed results that were better than expected. This prompted some gains for the currency, although its fortunes were ultimately mixed across the board.
Today sees a few final points of interest, with inflation data, followed by preliminary Consumer Sentiment data from the University of Michigan. As such, we could see some final movement before the weekend.
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