Quite a mixed day for the US Dollar, with both positive and negative news. The US opened up with Flash Services PMI (Purchase Managers Index), which showed growth in the sector and was the highest we have seen since October 2014. However, the gains gleaned from this were quickly reversed when the Consumer confidence release was below the forecasted figure. Alongside the data releases, we also had Federal Chair Yellen testify before the Senate Banking Committee, confirming that a rate rise could happen at any Federal Reserve Member meeting – but really they would like to see continuing growth in the wages and labour markets before this happens.
Today Federal Chair Yellen continues her Testimony, and we will see the release of the US New Home Sales figures, which has shown previously a steady rise in new house purchases.