We saw some busy US dollar movement on Monday afternoon. The data that was released showed more negative connotations for the US dollar than positive. With personal spending down and personal income up, it is starting to show that people in the US are holding on to their funds rather than spending. This could be due to reports over the weekend from a US Federal Reserve member who said that mid-2015 is a good time to raise interest rates, and that there is a small minority in the Federal Reserve who think this may be too soon.
The US Manufacturing Purchase Managers’ Index (PMI) was down on last month and the lowest it has been since March 2014, showing slow weakness in growth in the manufacturing sector. Today is a quiet day in terms of key data releases. Factory orders data for February is predicted to fall further from the previous month’s.