The US dollar started this shortened week in a mixed fashion. The existing home sales figure showed a better than anticipated level, but this didn’t stop the dollar nearing its recent five year lows against sterling. However, the US currency did manage to reach a two-week high against the euro. Fortunes reversed on Wednesday, as new home sales came out worse than expected, but the dollar appreciated against sterling thanks to uncertainty from the UK. Yesterday then saw a varied outcome, as the two main data points came out either side of expectations: figures for the core durable goods orders were significantly ahead of expectations, but this was counteracted by worse-than-expected unemployment claims data. As a result, no major movements were seen in either direction. Today, the week winds down quietly, with only a revised consumer sentiment from the University of Michigan to interest investors.
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