The US dollar had a steady day yesterday, as there was a lack of data to support any significant movements. There are a number of data points due this week that could provide further insight and speculation over when the US Federal Reserve may raise interest rates.
After last week’s mixed labour data, investors are looking further ahead to the upcoming retail sales figures and inflation indicators for support in favour of such rises. While forecasts are mixed, all results are sure to be scrutinised closely as the pressure to do so rises, with investors keen to see evidence of a stronger economy that would warrant higher interest rates. Today remains on the quiet side, with just one smaller piece of data due. This will come in the shape of the job openings figure. As it is from the labour market – a key indicator of economic health –positive results in this area, alongside continued speculation, could help the dollar on its advance.