It was a poor week for the US dollar as it weakened at the start of the week against both the euro and sterling. This was mainly due to large orders being placed selling US dollars, countering the positivity we have been seeing from US data releases.
Following last week’s s positive non-farm employment change data, job openings in the US followed suit with much better-than-expected figures, a high of 14 years. This showed that the employment market in the US is moving in the right direction.
But the main focus of the week was on the retail sales figures released yesterday, which showed better-than-expected figures, signifying that the slowdown experienced in the first quarter for the US was down to seasonal factors, as forecasted by the US Federal Reserve.
Today we will see the release of producer inflation data, expected to show an increase, plus an economic indicator which monitors economic conditions by consumers and this is also expected to show positive growth.