Wednesday was a quiet day for data releases as the US dollar recovers from last Friday’s disappointing Non-Farm employment figure. Federal Reserve Member Dudley touched upon this yesterday, advising that the Federal Reserve are not paying a huge amount of attention to the figure and a June interest rate hike is still a valid option. This view was lent support by the Federal Reserve minutes and many are viewing last week’s employment figures as a one off. Crude Oil Inventories were up on the previous month, showing the US continue to produce a huge amount of oil – even with the current low price which has started to fall again given the oversupply.
We expect today to be another quiet day for US data releases, with the weekly Unemployment claims being released and are expected to show an increase on the previous week.