The US dollar had a muted start to the week, with little economic activity to affect the currency’s strength. The dollar lost a little ground against both sterling and the euro, as data from stateside was thin on the ground. Some personal spending figures had little impact, while the pending home sales was slightly behind estimates to leave the dollar struggling to continue its recent run of gains.
Today sees activity increase, with the Chicago Purchasing Managers’ Index (PMI) starting off, ahead of the consumer confidence figure later in the afternoon. Given the recent talk of interest rate rises, and the rhetoric that this decision will be data-led, investors will be keen to hear about positive figures in these areas in order for the currency to gain a foothold on the week and continue on its strengthening trend.