Major data from the US was limited yesterday, resulting in a relatively quiet day for the currency. The most significant piece for the day was the manufacturing index from the Empire State, which caused some weakening of the dollar as it came out worse than expected, as did an independent housing market index, although monthly industrial production was up to scratch on predictions. Alongside this, the uncertainty around Ukraine and Crimea continued to linger in investors’ minds, with any increase in the intensity of the situation likely to aid ‘safe’ currencies such as the dollar.
Today sees some relatively influential data scheduled for release, with the building permits due alongside key inflation data in the form of the Consumer Price Index. These results will likely dictate the dollar’s performance.
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