The US Dollar had a better day against the majority of the other currencies but has still remained close to five-year lows against sterling. The dollar did not strengthen as some were predicting yesterday as US Federal Reserve Chair Janet Yellen did very little to alter the views of the market. Yellen did state that the labour market is still improving, as was backed up by promising labour market data out last Friday, but levels still remain below expectations.
Today we see unemployment claims data from the US. This is forecast at 328,000, which would be a good improvement for the American economy. Yellen is speaking again, so this could be a crucial day for US dollar to try and regain the ground it has lost against its major peers.
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