A mixed week for the US dollar saw the currency initially lose ground against its major trade partners after disappointing results from the US consumer confidence survey, which showed that households in the US were more worried about the state of the economy than was initially forecast. However, figures indicating an increase in new home sales in the past month prompted a recovery for the US dollar on Wednesday.
The US dollar has weakened significantly this morning following last night’s testimony from US Federal Reserve Chair Janet Yellen. This movement came in spite of confirmation that the central bank plans to continue tapering its quantitative easing program unless the economic recovery deteriorates significantly.
Today sees the release of preliminary growth figures from the US, and with a raft of recent weak data from the US, expectations are that the figures will show that growth slowed in the last quarter.
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